iRobot files for bankruptcy
(CNN)– iRobot, the American company that makes Roombas is filing for Chapter 11 bankruptcy protection.
Under its restructuring plan, it will be taken over by Picea Robotics.
The Chinese company is iRobot’s largest creditor and main supplier.
Three MIT engineers founded iRobot back in 1990.
They later popularized robot vacuum cleaners with its Roomba which was introduced in 2002.
Earnings have declined under pressure from competition by cheaper Chinese rivals and other issues.
