Shares of iRobot tank 30% after Roomba maker raises doubt about its survival

Roomba vacuums by iRobot are displayed at Best Buy store on January 19, 2024 in San Rafael, California. Shares of iRobot plunged more than 30% on Wednesday after it said there's "substantial doubt" about its ability to stay in business. The Roomba-maker's financial outlook has darkened since Amazon abandoned its planned $1.7 billion acquisition of the company in January 2024, citing regulatory scrutiny. Since then, iRobot has struggled to generate cash and pay off debts. Massachusetts-based iRobot has been restructuring since the Amazon deal plunged into uncertainty. The company has laid off 51% of its workforce since the end of 2023, and iRobot has looked to reignite revenue growth by overhauling its product lineup. The company on Tuesday launched eight new Roombas in the hopes of "better positioning iRobot as the leader in the category that we created," CEO Gary Cohen said in a statement. "There can be no assurance that the new product launches will be successful," iRobot said in ... Read full article.