Inflation has buffeted consumers after a pandemic-fuelled binge on goods for the home, but spending has also moved elsewhere as people are again able to travel, or go to restaurants and shows.
And Instant Pots, which became a must-have gadget several years ago, have been disappearing from kitchens.
Just last week, S&P Global downgraded the company’s rating due to lower consumer spending on discretionary categories and warned that ratings could fall again if Instant Brands seeks bankruptcy protection. Ben Gadbois, CEO and president of Instant Brands, said the company managed its way through the COVID-19 pandemic and global supply chain issues, but has run short of cash.
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