Tupperware Files for Chapter 11 Bankruptcy in Delaware Amid Declining Sales

Sep 18, 2024, 10:24 AM

Tupperware Brands has filed for Chapter 11 bankruptcy 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 growing competition for several years. Tupperware listed assets between $500 million to $1 billion and liabilities ranging from $1 billion to $10 billion. The company plans to continue operations during the bankruptcy proceedings and will seek court approval for a sale to protect its brand. CEO Laurie Ann Goldman cited the challenging macroeconomic environment as a significant factor impacting the company's financial position. Tupperware's shares have plummeted, losing 57.5% of their value to just 51 cents a share.