Roomba maker iRobot swept into bankruptcy

Roomba maker iRobot has filed for Chapter 11 bankruptcy and will be acquired by its Chinese supplier, Picea Robotics, due to competition from cheaper rivals. The company's shares traded at $4, significantly lower than the $52 per share offered by Amazon in a failed acquisition attempt two years ago. iRobot's CEO stated that the restructuring will secure the company's future and ensure continuity for customers and partners. Founded in 1990, iRobot has been a pioneer in bringing robotics into homes, selling over 40 million devices, including the popular Roomba vacuum cleaner.