iRobot Corporation (NASDAQ: IRBT), the company behind the iconic Roomba vacuum, announced a major restructuring move today: it has entered into a Restructuring Support Agreement (RSA) with its secured lender and primary contract manufacturer, Shenzhen Picea Robotics Co., Ltd., and Santrum Hong Kong Co., Ltd. (collectively “Picea”) for Picea to acquire iRobot through a court-supervised process.
To execute the deal efficiently, iRobot and certain affiliates voluntarily commenced a pre-packaged Chapter 11 process in the District of Delaware, which the company expects to complete by February 2026. The acquisition will transfer 100% of iRobot’s equity to Picea, deleveraging the balance sheet while allowing the company to maintain operations, pursue its product roadmap, and support its global footprint.
A Fresh Financial Foundation
The RSA provides iRobot a path to enhanced financial stability, reduced debt, and continued investment in robotics innovation. CEO Gary Cohen called the move “a pivotal milestone in securing iRobot’s long-term future,” emphasizing that the company will continue advancing its Roomba robots and smart home technologies. Cohen also noted that Picea’s manufacturing and technical expertise will complement iRobot’s consumer-driven R&D, setting the stage for a new era of smart home robotics.
Operations to Continue Uninterrupted
During the Chapter 11 process, iRobot will continue normal operations, including app functionality, customer programs, supply chain activities, and product support. The company has filed routine motions with the Court to ensure business continuity, including commitments to employees and timely payments to vendors and creditors.
Going Private, Emerging Stronger
Once the court approves the transaction, iRobot will become a private company wholly owned by Picea. Its shares will be delisted from Nasdaq, and existing common stockholders are expected to receive no recovery under the Chapter 11 plan. The move is designed to provide a stable financial footing and renewed capacity to invest in next-generation robotics, smart home innovation, and customer experience enhancements.
Stakeholders can track filings through iRobot’s claims agent, Stretto, Inc., at https://cases.stretto.com/iRobot.
Advisors and Legal Support
Paul, Weiss, Rifkind, Wharton & Garrison LLP serves as lead legal counsel, with Young Conaway Stargatt & Taylor, LLP providing Delaware counsel. Alvarez & Marsal acts as financial advisor, and C Street Advisory Group provides strategic communications guidance. White & Case LLP serves as legal counsel to Picea.
For the robotics and smart home sector, this development signals both disruption and opportunity: iRobot’s iconic products will continue, but under new ownership, with a leaner balance sheet aimed at accelerating innovation in a competitive market increasingly dominated by AI and connected devices.
Power Tomorrow’s Intelligence — Build It with TechEdgeAI
