Hardcore home cooks still reeling from the news that Tupperware might go under should look away now. Instant Brands – the company behind Pyrex glassware, Corningware and Instant Pot pressure cookers – has filed for bankruptcy in the US.

Rising interest rates and declining sales led by a drop in consumer discretionary spending are behind the company’s financial woes, which have seen it faced with more than $1 billion in liabilities. 

But the news isn’t all bleak. The company has filed for a Chapter 11 bankruptcy, which involves the reorganisation of a company, rather than its liquidation. Other major US companies, including General Motors, have done the same… and later gone on to rack up record profits.

So there’s no need to rush headlong into your nearest homewares store to stock up on casseroles and measuring jugs just yet. Instant Brands will continue to operate while it restructures, and will hopefully be around to solve your wedding present conundrums for many years to come.

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