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Roomba maker iRobot has filed for bankruptcy protection and will change its ownership, but your robot vacuum cleaners will probably be fine.
iRobot’s Roomba, which will still work for a while at least.
On Sunday, iRobot confirmed that it had commenced a pre-packaged Chapter 11 bankruptcy protection process. After warning its cash balance was running close to empty, it inevitably ran out, and has to fight for its survival.
The third-quarter financial results in November confirmed the company was in trouble, with it having less than $25 million in cash and equivalents, as well as an almost $50 million drop in quarterly revenue.
