Instant Brands, maker of Instant Pot and Pyrex cookware, files for bankruptcy

Re:Instant Brands, maker of Instant Pot and Pyrex cookware, ... by hungrigekatze on Tuesday June 13, 2023 @05:11PM (#36317422)

A while back I was reading up on private equity as an 'industry' after a prior employer was bought up by PE, carved into bits, with each 'chunk' being sold off to the highest bidder.

If you look up the names of some of the PE companies they're quite on the nose: https://macellumcapitalmanagement.com/ Macellum literally means "meat market": https://m.dict.cc/latin-english/macellum.html 'Take an animal (company); chop it into parts and sell those off'

Wikipedia page for Macellum: https://en.wikipedia.org/wiki/Macellum

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Re:Instant Brands, maker of Instant Pot and Pyrex cookware, ... by ambicapter on Tuesday June 13, 2023 @10:14PM (#36320558)

And they’re proud of it. From their own website:

> Macellum’s campaign resulted in the addition of 4 of 13 directors. Also, as a byproduct of the pressure applied during the campaign, the company sold non-core assets equal to approximately 75% of the market capitalization. Macellum’s price objective were met and we exited the position at the beginning of 2021. Subsequently, a fractured board and new CEO were unable to oversee and execute the turnaround plan Macellum outlined during our campaign and results deteriorated.

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