Tupperware Brands files for bankruptcy
Source: AFP
Tupperware Brands Inc and some of its subsidiaries filed for Chapter 11 bankruptcy protection on Tuesday, the food container firm said in a statement.
The company, known for its trademark food storage containers, has been hit by dwindling sales in recent years.
Last year it warned of "substantial doubt" about its ability to keep operating in light of its poor financial position.
The company said Tuesday it would seek court approval to continue operating during the bankruptcy proceedings and also seek approval for a sale process for the business to protect its brand.
"Over the last several years, the Company's financial position has been severely impacted by the challenging macroeconomic environment," president and CEO Laurie Ann Goldman said in a statement announcing the bankruptcy filing.
"As a result, we explored numerous strategic options and determined this is the best path forward. 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," added Goldman.
The company's roots date to 1946, when chemist Earl Tupper "had a spark of inspiration while creating molds at a plastics factory shortly after the Great Depression," according to Tupperware's website.
"If he could design an airtight seal for plastic storage containers, like those on a paint can, he could help war-weary families save money on costly food waste."
Over time, Tupper's hermetically sealed plastic containers also became associated with "Tupperware Parties," where friends would gather with food and drink as a company representative demonstrated the items.
Source: AFP
