Startup product incubator Quirky is filing for Chapter 11 bankruptcy protection and looking to spin off its Wink smart home business separately, according to a report by The Verge.
The company has been fighting off financial problems for much of the last year, with layoffs in July and a change of CEOs.
Quirky is soliciting bids for Wink, with IoT manufacturer Flextronics in the early lead after offering at least $15 million for the smart home business. Wink products will remain on sale, according to Quirky.
