Quirky Requests Chapter 11 Protection, Seeks Buyers For Wink Smart Home Subsidiary
Quirky, the ambitious invention platform startup that aims to help turn people's ideas into real products, and its affiliates have filed for Chapter 11 bankruptcy protection, the company announced in a blog post today. It's now looking to sell off substantially all of its assets, including its Wink smart home platform.
The company may have already found a buyer for Wink. Flextronics International, which is a Wink partner and an unsecured creditor, has made an all-cash offer of $15 million. Quirky hasn't ruled out a sale at that price, though it's holding out for "higher or otherwise better offers," the company said. If bids are received, it will hold an auction for Wink.
In the meantime, Quirky insists that the bankruptcy proceedings and sale negotiations won't interfere with Wink's day-to-day operations or the user experience for people who have bought into the smart home platform.
"Wink’s engineers and designers will continue to enhance the Wink platform to provide new, meaningful ways for customers to interact with their smart home. The Wink HUB and Wink Relay will continue to be available at The Home Depot and Amazon. Wink’s customer support team will continue to provide the same quality assistance," Quirky said.
Prior to filing for bankruptcy, Quirky was able to raise some $185 million from various investors, including heavyweights like General Electric.
The company may have already found a buyer for Wink. Flextronics International, which is a Wink partner and an unsecured creditor, has made an all-cash offer of $15 million. Quirky hasn't ruled out a sale at that price, though it's holding out for "higher or otherwise better offers," the company said. If bids are received, it will hold an auction for Wink.
In the meantime, Quirky insists that the bankruptcy proceedings and sale negotiations won't interfere with Wink's day-to-day operations or the user experience for people who have bought into the smart home platform.
"Wink’s engineers and designers will continue to enhance the Wink platform to provide new, meaningful ways for customers to interact with their smart home. The Wink HUB and Wink Relay will continue to be available at The Home Depot and Amazon. Wink’s customer support team will continue to provide the same quality assistance," Quirky said.
Prior to filing for bankruptcy, Quirky was able to raise some $185 million from various investors, including heavyweights like General Electric.
