Tupperware Files for Chapter 11 Bankruptcy Amid Sales Decline and $1B Debt

Sep 18, 2024, 05:48 AM

Tupperware Brands has filed for Chapter 11 bankruptcy following years of declining sales and increasing competition. The company, known for its iconic food storage containers, has faced significant financial difficulties, including a debt of around $1 billion. Despite efforts to revive the business, including closing its only U.S. factory and moving production to Mexico, the company could not overcome waning demand. Tupperware has listed assets of $500 million to $1 billion and liabilities of $1 billion to $10 billion. The company plans to continue operations during the bankruptcy proceedings and is seeking court approval for a sale. CEO Laurie Goldman cited the challenging macroeconomic environment as a key factor in the company's struggles.