iRobot files for Chapter 11 bankruptcy after reaching a restructuring support agreement to hand control to its secured lender and key supplier, Shenzhen Picea (Bloomberg)

• iRobot Corp. has filed for Chapter 11 bankruptcy after entering a restructuring support agreement that will transfer control of the company to its secured lender and key supplier, Shenzhen Picea. This decision marks a significant shift for the consumer robot maker, known for its Roomba vacuum products, after 35 years in operation.
• This development highlights the financial challenges faced by iRobot, indicating a need for restructuring to address its debts and operational difficulties. The involvement of Shenzhen Picea suggests a strategic pivot that may reshape the company's future direction and product offerings.

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