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On December 18, Nikkei Asia reported that Gary Cohen, the CEO of iRobot, a U.S.-based robot vacuum cleaner company, disclosed that the company had filed for bankruptcy. This was attributed to its failure to keep pace with market shifts and its inability to hold its own against Chinese competitors. Cohen mentioned that over the past four years, the company had encountered an innovation shortfall and had failed to introduce more competitive products. iRobot officially applied for bankruptcy protection on the 14th. Once the court grants its approval, all of its equity will be transferred to its primary contract manufacturer and largest creditor, China's Cofot Robot Company. The bankruptcy process is anticipated to conclude by February of the following year, following which iRobot will commence a journey of restructuring and resurgence under Cofot's guidance.
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