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Roomba creator iRobot was once courted by Amazon for a vacuum revolution. Now, it might go out of business

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iRobot became synonymous with home robots when it introduced the Roomba vacuum over 20 years ago, eventually selling 50 million models and becoming an acquisition target for Amazon. But the company gave investors a stark warning Wednesday, saying it may go out of business as sales and headcount plummet.
iRobot, the company behind the Roomba vacuum, is facing significant financial challenges that could potentially lead to its closure. Once a target for acquisition by Amazon, which aimed to integrate iRobot's technology into its ecosystem for a broader smart home revolution, the deal fell through due to regulatory concerns over market dominance. Now, iRobot is grappling with declining sales, increased competition, and the need for substantial cost-cutting measures, including layoffs. The company's stock has plummeted, and it has been forced to seek financing to stay afloat, highlighting a stark contrast to its once-promising future in the tech and home automation industry.

Read the Full Fortune Article at:
[ https://www.msn.com/en-us/money/companies/roomba-creator-irobot-was-once-courted-by-amazon-for-a-vacuum-revolution-now-it-might-go-out-of-business/ar-AA1APO54 ]