Robot was not in a particularly financial good shape beforehand, but at least had models that could compete against the Chinese competitors. Because it was running out of cash, it tried to get acquired by Amazon for $1.4B. This was, by no means, an ideal deal, but it would have put the company on stable financial footing, and let it continue as a brand (similar to Alexa or Ring).
However, European and FTC regulators prevented the deal, saying that this was an invasion of home privacy by the big-bad Amazon. Fast forwards three years and today, all of the robot vacuums you buy today are Chinese-made and iRobot is about to declare bankruptcy. We traded off home privacy from Amazon to an upstart Chinese company and lost a leading $1.4B company. Great. I don't know about you, but I trust Amazon more with my data than a Chinese company.
https://www.reuters.com/markets/deals/amazon-irobot-abandon-... https://www.theverge.com/2022/9/29/23379036/amazon-irobot-ro...