Company's secured lender and key supplier, Picea, to acquire iRobot through court-supervised chapter 11 process.

Shareholders of common stock "will experience a total loss."

As part of the company’s bankruptcy filing, iRobot has agreed to go from a publicly traded company and sell to its primary manufacturer Shenzhen PICEA Robotics Co., Ltd. or Picea. As such, the company is transitioning from a publicly traded company to a privately owed company.

Robot has begun bankruptcy proceedings under which its Chinese creditors will acquire the consumer robot company and continue the brand.