"iRobot, the maker of the Roomba robot vacuum cleaner, filed for Chapter 11 bankruptcy protection this week after years of mounting financial struggles and a failed $1.4 billion acquisition deal with Amazon. The 35-year-old company once reigned supreme in the world of robotic vacuums, but its dominance waned amid rising competition from lower-cost rivals and weakening consumer demand. Here's a look back at how this once mighty, pioneering robotics company arrived at this moment."
"iRobot, the maker of the Roomba, filed for Chapter 11 bankruptcy after financial struggles. A failed $1.4 billion Amazon acquisition contributed to iRobot's financial woes. Here's how the pioneering robotics company ended up here."
iRobot, creator of the Roomba robot vacuum, filed for Chapter 11 bankruptcy protection following years of mounting financial struggles and a collapsed $1.4 billion acquisition by Amazon. The 35-year-old company lost market dominance as lower-cost rivals proliferated and consumer demand weakened. Competitive pressure and shrinking sales eroded profitability and market share. The failed acquisition deal exacerbated financial instability and contributed to the need for bankruptcy protection. The company's pioneering position in home robotics has been overtaken by price competition and changing consumer behavior.
Read at Business Insider
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