Pyrex Bankruptcy, USPS Rate Increase & A Camera Breaking Record Sales

US Postage Rate Increase Set for July 9, 2023

USPS has announced updated rates for 2023, with average increases but variable changes depending on weight and zone. Priority Mail, Priority Mail Express, and First-Class Package rates remain unchanged. There is an average increase of 7.5% for Media Mail, while Parcel Select Ground rates vary based on weight and zone. Additional updates include an average increase in domestic shipping insurance of 4.7% and a $0.15 to $3.40 increase in signature confirmation. Starting July 9, 2023, eBay standard envelope rates will be adjusted, and a new USPS service called USPS Ground Advantage will be introduced.

Pyrex & Instant Pot Maker Files for Bankruptcy in the US

Instant Brands, the company behind Pyrex and Instant Pot, has filed for Chapter 11 bankruptcy protection due to financial difficulties attributed to rising interest rates. The filing was made in Texas as the company seeks to restructure liabilities of up to $1 billion. The bankruptcy filing is an effort to prevent the sale of its well-known kitchenware brands. Despite the bankruptcy, Instant Brands intends to continue serving retailers without interruption and paying its 2,400 employees. The rise of interest rates globally has exposed vulnerabilities for businesses with substantial debt loads, and Instant Brands is not the only kitchenware company to face struggles, with Tupperware warning of potential bankruptcy earlier.

75-Year-Old Leica Camera Sets World Record At Auction

Leica Camera's rare Leica 250 GG "Reporter" camera, featuring the innovative "Leica-Motor MOOEV," achieved a record-breaking auction price of €900,000 (US$967,410). Introduced in 1936, the Leica Reporter was the first 35mm camera with a 1/1,000 second shutter speed and played a significant role in aerial surveillance during World War II. The camera's GG model, equipped with the MOOEV electric motor drive, was used by the Luftwaffe in the Stuka dive bombers. The Leitz Photographica Auction, hosted biannually by Leica Camera Classics, has become the largest vintage camera auction, attracting global collectors and investors. The auction has set numerous records, reflecting the growing appreciation and investment potential in vintage photography.