Tupperware Files for Bankruptcy Amid $700M Debt, 57.5% Share Drop

Sep 18, 2024, 08:40 AM

Tupperware Brands has filed for Chapter 11 bankruptcy following years of declining sales and increasing competition. The company, known for its iconic plastic food storage containers, has struggled with a significant debt burden, listing liabilities between $1 billion and $10 billion and assets between $500 million and $1 billion. The decision comes after a failed turnaround effort and waning demand for its products. Tupperware's debt includes $700 million, and its shares dropped 57.5% recently. CEO Laurie Ann Goldman stated that the company has been severely impacted by the challenging macroeconomic environment. Tupperware plans to continue operations during the bankruptcy proceedings and will seek court approval for a sale.