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C Street Advisory Group handles iRobot Corp as the marketer of the Roomba autonomous vacuum cleaner files Chapter 11 after being squeezed by cheaper competitors.
As part of the restructuring agreement, the Bedford, MA-based company will be acquired by its contract manufacturer Shenzhen Picea Robotics of China.
Gary Cohen, CEO of iRobot, said the transaction will strengthen his company’s financial position and deliver continuity for consumers and partners.
He promised to “continue advancing the industry-leading Roomba robots and smart home technologies that have defined the iRobot brand for more than three decades.”
Since its 2002 launch, iRobot sold more than 40M Roombas.
Amazon offered to buy iRobot for $52 per share in 2023, seeing Roomba synergy with its Alexa smart speakers and Ring doorbells.
Due to European Union pushback, the $1.5B deal collapsed. iRobot currently trades for $1.30 per share.
Matt Ward, who was head of US communications & corporate media relations at HSBC, has joined FTI Consulting’s PR operation unit in New York.
C Street Advisory Group is providing strategic communications services to STG Logistics as the Columbus-based trucking company files for Chapter 11.
Dollar Tree has named Daniel Delrosario senior VP-investor relations & treasurer.
C Street Advisory Group and Publicis' Groupe's Kekst CNC unit work the Chapter 11 filing of Saks Global Holdings as the luxury retailer evaluates its "operational footprint."
Nashville’s Wortman Works is handling Old Glory Bank, which bills itself as the online bank for freedom-loving Americans, as it goes public via a $250M SPAC deal with Digital Asset Acquisition Corp.
