The latest news on Ronco Rotisserie says that has lead to its third bankruptcy case last year. The Veg-O Matic manufacturer has been cooked again, with the Showtime Rotisserie oven and the Five Minute Pasta Wizard. Ronco filed for Chapter 11 last year and it’s the third case of bankruptcy since its emergence almost 50 years ago. Ronco, whose TV spots had hawked gadgets such as Mr. Microphone and Beef Jerky Machine, which he called “A one way to meat-lover’s heavens” a dehydrator is at stake again.
The filing comes a year after the failure of Ronco to collect 30 million dollars in an informal office, which seemed like one of the late-night slots. It spent more than five thousand dollars and get Ronco Rotisserie too.
This was following an IPO alert lodged by auditors, who raised “substantial concerns” about the viability of the venture. Ronco’s creator and TV-pitcher Ron Popeil, who had sold this business for almost 60 million dollars in 2005, said that he knows what contributed to the brand’s new death in 1969.
Ronco, who was sold at least three times after he left, added additional products to his line “to make the look as if they were a larger company than they were,” but the products were “truly worthless.” In Chapter 11, the report contains the assets and liabilities of the company between $1 and $10 million. In the Chapter 11 submission, there is a list of company’s assets and labialization.
Ronco has the rights to use its name and likeness on former products of Popeil, but does not hold any new products from Ronco. The name and image of Popeil are so valuable to Ronco that it took out a life insurance policy of $15 million.
The ultimate fate of Ronco Rotisserie is not determined yet. However, due to three bankruptcy cases faced by the company, it can be determined that the company may not rise again.