Famous food container manufacturer Tupperware declares bankruptcy

Having struggled for years, the American maker of the famous plastic food containers Tupperware announced on Wednesday, September 18, that it has begun bankruptcy proceedings. “For several years, the company’s financial situation has been severely affected by the difficult macroeconomic environment”Laurie Ann Goldman, chief executive officer (CEO) of the company, which has filed for protection under U.S. Chapter 11 bankruptcy law, said:

“We explored several strategic options and made predictions” Putting himself under the bankruptcy protection law “the best way out”because you have to do it “Give us the necessary flexibility” The CEO explains in the documents of the bankruptcy procedure that it contributes to the digital and technological transformation of our society. The group, headquartered in Orlando, Florida, wants to continue operating during the procedure and wants to continue paying its employees and suppliers, states M^I Goldman.

In documents filed with Delaware bankruptcy court, Tupperware estimates its assets (assets) at between $500 million and $1 billion, and its liabilities (equity and debt) at between $1 billion and $10 billion. It also lists between 50,000 and 100,000 creditors. Tupperware shares were halted on the New York Stock Exchange on Tuesday.

“Tupperware Meetings”

In mid-August, the group announced that they were still there. “We are facing significant liquidity issues” and have “There are doubts about its ability to continue operating”Tupperware has been weighed down by debts of several hundred million dollars for several years and was forced to restructure its financial commitments for the first time in 2020. The group has not published its accounts since 2022, the year when turnover figures rose. had fallen to $1.3 billion, 42% lower than five years earlier.

Launched in 1946, Tupperware became a social phenomenon that found its way into millions of American homes and beyond thanks to the efficiency of its network of distributors. Initially available in stores, its airtight plastic containers with lids designed to keep food fresh for longer did not sell very well.

The company then imagined the following principle: “Tupperware meetings”demonstrations were held at an agent’s home for a group of potential buyers. The company, founded in 2017 by American inventor Earl Tupper, still has more than three million ambassadors worldwide. Tupperware has been weakened by the emergence of online commerce, food delivery, and single-use plastic, which have challenged its model. The company has tried to adapt by expanding its online sales and striking distribution deals with chain stores, but it has been unable to stop the decline.