Iconic Tupperware Brands seeks Chapter 11 bankruptcy
Tupperware Brands has filed for Chapter 11 bankruptcy protection
Iconic Tupperware Brands seeks Chapter 11 bankruptcy
Show all 2Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Tupperware Brands, the company that revolutionized food storage decades ago, has filed for Chapter 11 bankruptcy protection.
The company plans to continue operating and will seek court approval for a sale, it said just before midnight on Tuesday.
The company is seeking bankruptcy protection amid growing struggles to revitalize its business. Tupperware sales growth improved during the early days of the COVID-19 pandemic, but overall sales have been in steady decline since 2018 due to rising competition. And financial troubles have continued to pile up for the Orlando, Florida, company.
Doubts around Tupperware's future have floated around for some time. Last year, the company sought additional financing as it warned investors about its ability to stay in business and its risk of being delisted from the New York Stock Exchange.
Shares have fallen 75% this year and closed Tuesday at about 50 cents apiece.
Tupperware experienced explosive growth in the mid 20th century with the rise of Tupperware parties, first held in 1948. Tupperware parties gave many women a chance to run their own businesses out of their homes, selling the products within social circles.
The system worked so well Tupperware removed its products from stores three years later. Social changes, namely fewer dinners made from scratch and more nights spent dining out, took a toll Tupperware sales.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.