Tupperware Files for Chapter 11 Bankruptcy After 78 Years Amid Declining Sales

Sep 18, 2024, 07:12 AM

Tupperware Brands has filed for Chapter 11 bankruptcy protection following a prolonged struggle with declining sales and increasing competition. The iconic food container manufacturer, known for its colorful storage solutions, has been unable to revive its business despite various efforts. The company cited a challenging macroeconomic environment and rising raw material costs as significant factors contributing to its financial difficulties. Tupperware's liabilities are reported to be between $1 billion and $10 billion, while its assets range from $500 million to $1 billion. The company plans to continue operations during the bankruptcy proceedings and is seeking court approval for a sale. Tupperware, which has been in business for 78 years, saw its shares plunge 57.5% following the bankruptcy announcement. CEO Laurie Goldman noted the impact of the challenging economic environment on the company's financial position.