iRobot's future isn't looking up
The company has struggled in the face of increased competition from Chinese manufacturers and the collapse of a sale to Amazon, which left it deep in debt. Earlier this year, CEO Gary Cohen indicated iRobot could shut down within 12 months if something didn't change. The clock is ticking.
Last week, Cohen said that while customer response to the new product line has been 'encouraging,' iRobot didn't meet its goals this quarter 'due to persistent market headwinds and delays in scaling production and sales of our new products.' He confirmed the company is still looking at a potential sale or other 'strategic alternatives' to get out of debt.Posts from this author will be added to your daily email digest and your homepage feed.
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