iRobot, the maker of the popular Roomba vacuum robot, has officially filed for bankruptcy under Chapter 11 after 35 years of operation. The company is facing mounting financial challenges and has declared estimated assets and liabilities in the range of $100 million to $500 million. As part of its restructuring process, iRobot has agreed to be acquired by the Chinese firm Picea, which will take 100% ownership of the company. This acquisition aims to address concerns regarding support for Roomba owners and drive a long-term growth plan. Despite the bankruptcy, iRobot continues to seek strategies to revitalize its brand and operations as it transitions to a private entity.