Tupperware Files for Chapter 11 Bankruptcy After 78 Years Amid Sales Decline and Competition

Sep 18, 2024, 10:22 AM

Tupperware Brands Corporation has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. The company, known for its iconic plastic food storage containers, has been struggling with declining sales and increasing competition for several years. Tupperware's financial position has been severely impacted by the challenging macroeconomic environment, leading to liabilities estimated between $1 billion and $10 billion, while its assets range from $500 million to $1 billion. The company's shares plummeted 57.5% on Monday following the news. Tupperware, which has been in business for 78 years, plans to continue operating during the bankruptcy proceedings and will seek court approval for a sale to protect its brand and advance its transformation into a digital-first, technology-led company. CEO Laurie Ann Goldman stated that the company's financial position has been severely impacted by the challenging macroeconomic environment.