Tupperware Brand Corporation, an iconic food storage container company, announced on Tuesday that it was filing for bankruptcy.
In a Tuesday press release, Tupperware Brand Corporation revealed it had voluntarily decided to initiate Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the District of Delaware.
According to Tuesday’s press release, the iconic company is seeking court approval to continue operations during the bankruptcy process while continuing to provide customers with products online, through sales consultants, and through the company’s retail partners. The company is also expected to ask for court approval to “facilitate a sale process for the business in order to protect its iconic brand and further advance Tupperware’s transformation into a digital-first, technology-led company.”
Tupperware Brand Corporation explained that following the appointment of a new management team, the company has implemented changes to modernize the business, increase growth, and improve “omnichannel capabilities.”
“Whether you are a dedicated member of our Tupperware team, sell, cook with, or simply love our Tupperware products, you are a part of our Tupperware family,” Tupperware Brand Corporation CEO Laurie Ann Goldman said. “We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process.”
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Goldman explained that the company has faced a “challenging macroeconomic environment” over the past several years, which has led to the company’s current financial position. Goldman added, “This process is meant to provide us with essential flexibility as we pursue strategic alternatives to support our transformation into a digital-first, technology-led company better positioned to serve our stakeholders.”
According to bankruptcy filings obtained by Fox Business, Tupperware Brand Corporation listed between $500 million and $1 billion in assets and between $1 billion and $10 billion in liabilities, along with between 50,000 and 100,000 creditors.
Fox Business reported that Tupperware Brand Corporation, which was founded in 1946 by chemist Earl Tupper, achieved massive success in the 1950s as women held “Tupperware parties” to sell the iconic brand’s food storage containers in an effort to remain independent after World War II.
Facing struggles over the past several years, the company implemented changes in 2020 to reach new goals, such as increasing the company’s profitability and restructuring the company’s debt, according to Fox Business. Despite the changes, a Securities and Exchange Commission filing from April of 2023 obtained by Fox Business revealed that “[t]he Company has concluded that there is substantial doubt about its ability to continue as a going concern for at least one year from the expected issuance date of its Form 10-K financial statements.”
