iRobot, the maker of the popular Roomba vacuum cleaner, filed for bankruptcy protection on Dec. 14, saying it would go private after being purchased by its Chinese manufacturer.
In a news release on Dec. 14, the company announced the move, citing factors such as increased competition from foreign rivals, heavy debt, and higher costs from tariffs being implemented. The filing comes about two years after the company failed to merge with Amazon.
"Today's announcement marks a pivotal milestone in securing iRobot's long-term future," said iRobot CEO Gary Cohen. "The transaction will strengthen our financial position and will help deliver continuity for our consumers, customers, and partners.
iRobot was founded in 1990 by three Massachusetts Institute of Technology roboticists. The company initially focused on defense and space work before debuting the Roomba robotic vacuum in 2002.
iRobot added that it would be taken over by Picea Robotics, which has been the company's main manufacturer.
