Tupperware files for bankruptcy
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Tupperware products at a retail store in Chicago, Illinois. Photo: Scott Olson/Getty Images
Tupperware Brands Corp. and some of its subsidiaries filed for Chapter 11 bankruptcy protection in Delaware on Tuesday.
The big picture: The 78-year-old U.S. multinational firm that's known for its sales parties across the world is seeking court approval to continue operating during the proceedings and "facilitate a sale process for the business," per a company statement announcing the filing.
- Tupperware said it would seek court approval "to support its operations during the process, including the continued payment of employee wages and benefits as well as compensating vendors and suppliers under normal terms for goods and services provided on or after the filing date."
Driving the news: The Orlando-based food storage product seller has seen sales slump in recent years and looked to be headed toward bankruptcy last year, but then company officials expressed confidence in the brand when they announced a debt restructuring deal in August 2023.
- However, Tupperware has struggled to attract customers as it sought to reinvent itself by selling products via Amazon and Target and expanding beyond containers to include cooking gadgets, per Axios' Hope King.
- Its shares plunged over 50% this week following reports that it would make a filing to the U.S. Bankruptcy Court.
What they're saying: "Over the last several years, the Company's financial position has been severely impacted by the challenging macroeconomic environment," Tupperware president and CEO Laurie Ann Goldman said in a statement.
- That led the firm to pursue "strategic alternatives to support our transformation into a digital-first, technology-led company better positioned to serve our stakeholders," Goldman added.
Editor's note: This article has been updated with new details throughout.
