The Morning After: Roomba maker iRobot files for bankruptcy
iRobot, the company behind the popular Roomba robotic vacuum cleaners, has filed for bankruptcy. The company plans to sell all its assets to its primary supplier, the Chinese company Picea Robotics. Investors will face a total loss on their investment if the deal is approved. The move comes after Amazon dropped its $1.7 billion acquisition of iRobot last year due to a veto threat from European regulators. iRobot also faced challenges from tariffs imposed by the Trump administration on products manufactured in Vietnam. Despite pioneering the robot vacuum market, the company has struggled to maintain its dominance as competition from rivals like Roborock, Dyson, and Eufy has eroded its market share.
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