Quirky, the popular crowdsourced invention platform, is filing for Chapter 11 bankruptcy and selling Wink, its subsidiary specializing in connected home products. According to a Wink blog post, the electronics manufacturing firm Flextronics is likely its new corporate parent. Although Wink did not disclose any numbers, Flextronics is allegedly offering $15 million to acquire the company.
The bankruptcy announcement is the latest bit of news in a rough few months for Quirky. Former CEO Ben Kaufman, one of Fast Company’s most creative people, stepped down in late August following reports Quirky was having difficulty raising funding. Prior efforts to sell Wink were hampered by a security flaw detected in its home security hubs this past April. In late 2013, Quirky entered into a much-vaunted partnership with General Electric that resulted in a considerable amount of tech development for GE’s own product line, but left Quirky in the lurch when GE sold its appliance business to another company.
Quirky had a reported $12 million in cash this past July, which might explain why Kaufman left the company. Despite an enticing business model and an enthusiastic user community, Quirky faces considerable challenges in reorganizing through its bankruptcy.
In its blog post, Wink noted that its sale will not “impact the Wink experience for our users nor how Wink operates day-to-day.”
Scroll through the slideshow above to see photos from inside Quirky’s headquarters, taken during Fast Company‘s Innovation By Design conference last October.