Tupperware Files for Bankruptcy: A Historic Brand's Struggle

Tupperware Brands has filed for Chapter 11 bankruptcy protection amid prolonged financial troubles and declining sales. The company, which revolutionized food storage, aims to continue operations and protect its iconic brand. It cited significant liquidity challenges and ongoing efforts to transform into a digital-first company.

Tupperware Brands, the trailblazer in food storage solutions, has filed for Chapter 11 bankruptcy protection. The Orlando, Florida-based company plans to continue its operations during bankruptcy proceedings and seeks court approval for a sale to safeguard its iconic brand.

Tupperware's financial woes have been mounting, despite a brief sales revival during the early days of the COVID-19 pandemic. Sales have steadily declined since 2018 due to increasing competition, and the company has struggled to remain afloat, with recent securities filings pointing to substantial liquidity challenges.

Tupperware reported over $1.2 billion in total debts and $679.5 million in assets. Its stock has plummeted 75% this year. The brand, rooted in 1946 and famous for Tupperware parties, aims to transform into a digital-first company while maintaining its consultant-based sales model.

(With inputs from agencies.)