iRobot has initiated a formal strategic review to evaluate a potential sale or refinancing of its debt as it faces "substantial doubt" about its ability to continue operating.
Wednesday's announcement came a day after Massachusetts-based iRobot launched a suite of new Roomba floor vacuums, which CEO Gary Cohen described as the "largest product launch in iRobot history." Cohen took the top job at iRobot last year as part of the company's turnaround efforts after founder Colin Angle stepped down after 28 years.
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