Ronco has filed for Chapter 11 bankruptcy protection after the company’s failed IPO, the New York Post reported.
According to the report, the company was looking to raise $30 million through the initial public offering which included several enticements for investors including either free or discounted products.
The bankruptcy filing lists the company’s assets and liabilities between $1 million and $10 million, the Post reported.
On its website under the headline “The Opportunity: Ronco Mission,” the company said that for more than 50 years it has been dedicated to delivering innovative products that improve its customers’ daily lives. The effort to raise capital would help the company continue innovating and expand its product line.
The company was also offering “Ronco Investment Rewards” to investors. For example, those investing up to $1,000 would get a one-time 10% discount at Ronco.com while those investing more than $5,000 would get a 20% product discount and a free Ronco rotisserie.
In 2017, HomeWorld Business reported that the company debuted 25 new products at that year’s International Home + Housewares Show in Chicago, with plans to debut a total of 40 new items by the end of that same year.
Ronco was founded 49 years ago by Ron Popeil, who sold the company in 2005 for about $60 million.