Small Business

Quirky files for Chapter 11, will sell Wink unit

Quirky files for bankruptcy
Quirky files for bankruptcy

Design and invention hub Quirky announced Tuesday it has filed for Chapter 11 bankruptcy protection and plans to sell its Wink smart home unit.

Connected device maker Flextronics has submitted a bid to acquire Wink and will likely go through with the acquisition barring additional offers. Wink did not disclose the offer price, but said the deal could be completed in 60 days.

"This does not impact the Wink experience for our users nor how Wink operates day-to-day," Wink said in a statement.

Ben Kaufman founder and CEO of Quirky
Adam Jeffery | CNBC

Quirky—which generated more than $100 million in revenue in 2014—was featured on CNBC's Disruptor 50 list this year. Inventors submit ideas to its website and receive royalties if Quirky makes the products, which are sold in retailers.

Read More2015 CNBC Disruptor 50: Quirky

The restructuring filing follows the departure of founder and CEO Ben Kaufman this summer. At the time, Quriky said it would continue to focus its efforts on Wink.

Flextronics shares were down nearly 4 percent on Tuesday.

Read More'Disruptor' Quirky: Key to unlocking genius ideas