Persons are encouraged to ascertain their kitchen cabinets for CorningWare collectibles in the wake of the demise of the brand’s American parent company.
Instant Brands announced Monday (Tuesday morning AEST) that it has initiated a voluntary bankruptcy court process.
The cookware brand is a manufacturer of kitchen appliances akin to Instant Pot cookers, Corelle dinner plates and Pyrex glassware.
Outside of the news, the price of CorningWare items on sites like eBay has hit an all-time high – skyrocketing to $17,000 on the buy and sell platform, $7,000 greater than the highest price on the previous website’s auctions.
![The cookware brand is a manufacturer of kitchen appliances such as Instant Pot cookers and Corelle dinner plates.](https://nypost.com/wp-content/uploads/sites/2/2023/06/NYPICHPDPICT000012642983-1.jpg?w=1024)
![The price of CorningWare items on sites such as eBay has hit an all-time high, reaching as high as $25,000 (AU) on the platform.](https://nypost.com/wp-content/uploads/sites/2/2023/06/NYPICHPDPICT000012730450.jpg?w=1024)
The dishes up for auction feature rare CorningWare designs, including the “Floral” design (which was available from 1971–1975) and the “Wildflowers Spice of Life”.
One eBay seller who has capitalized on the growing demand for crockery in recent times told 7NEWS.com.au that her mother’s collection “has been collecting dust in our house for years”.
“I sold just a few – with my mom’s blessing of course – and made about $9,000 [Australian, $6,165 USD] yet. I actually have one other listed at the moment that I hope to make around $2,500 [$1,712 USD] for,” she told the website at the time.
![The dishes up for auction feature rare CorningWare patterns, including the](https://nypost.com/wp-content/uploads/sites/2/2023/06/NYPICHPDPICT000012730451.jpg?w=1024)
“I never thought it may very well be so worthwhile. After I was younger, I believed it was just daggy. Now we earn greater than I ever dreamed of.”
In an announcement filed with the Southern District of Texas Bankruptcy Court, the company revealed it generated $17.9 million in operating money flow for the first three months of the 12 months.
This amount was ultimately not enough to avoid wasting his fortune, as he ended up with $500 million in debt.
Filing for Chapter 11 bankruptcy signifies that an organization can temporarily keep its business and try to restructure the company without the threat of creditors appointing receivers or liquidators.
Instant Brands has revealed that it has received a $132.5 million line of credit to show things around from negative debt.
Instant Brands has offices around the world, including in Sydney.
These local operations remain unaffected.
It also has many stores in the Asia-Pacific region, including Japan, Taiwan, South Korea, Singapore, Malaysia and China, in addition to a big presence in the United States, Canada and the United Kingdom.
“Company entities positioned outside of the United States and Canada should not included in Chapter 11 filings,” Instant Brands said in its marketplace update.
“The company intends to pay vendors, suppliers and distributors in full on normal terms for goods and services delivered on or after the filing date.”
![Instant Brands CEO Ben Gadbois said the brand was unable to weather the economic downturn, hence the drastic measures.](https://nypost.com/wp-content/uploads/sites/2/2023/06/NYPICHPDPICT000012730452.jpg?w=1024)
![Instant Brands, the maker of Instant Pot Cookers and Pyrex glassware, announced Monday it had entered a voluntary bankruptcy process.](https://nypost.com/wp-content/uploads/sites/2/2023/06/NYPICHPDPICT000012652719.jpg?w=1024)
Instant Brands CEO Ben Gadbois said the brand was unable to weather the economic downturn, hence the drastic measures.
“Having successfully overcome the Covid-19 pandemic and the global supply chain crisis, we proceed to face additional global macroeconomic and geopolitical challenges which have impacted our business,” he said.
“Specifically, tightening of credit conditions and better rates of interest affected our liquidity levels and made our capital structure unsustainable.”
The company has been around for 108 years, since 1915, and has claimed that at the very least one of its products will be present in 90 percent of American households.