Remember the 5 Minute Pasta Wizard? What about the Veg-O-Matic? If so you certainly remember seeing the then owner, Ron Popeil's face pitching the products to you on television.
The company Ronco was a food lover's dream for decades following its founding 49 years ago. However, since Popeil sold the company back in 2005 for nearly $60 million, the company has gone downhill. Last week, Ronco filed for Chapter 11 bankruptcy - it's third time since its launching. According to the NY Post, this comes just one year after the company's failed attempt at to raise $30 million dollars in an IPO.
Ron Popeil had some answers has to why the company has since done so terribly after his exit.
“The Showtime Rotisserie did over $1 billion in sales over its lifetime, and the current owner changed it,” Popeil said. “They retooled and started over in China. They had a winner. Why would you take your best product and change it?”
Since then, the business has been losing $4.5 million a year.