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Tupperware Brands has filed for bankruptcy.
The President and Chief Executive Officer of Tupperware said, “Over the last several years, the Company’s financial position has been severely impacted by the challenging macroeconomic environment.”
Food container giant Tupperware Brands has filed for Chapter 11 bankruptcy after announcing the closure of its last U.S. factory in favor of moving production to Mexico, the company said Tuesday.
“Tupperware will seek Court approval to continue operating during the proceedings and remains focused on providing its customers with its award-winning, innovative products through Tupperware sales consultants, retail partners and online,” the corporation said in a press release.
Company officials added that they are also seeking 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 Brands, which took the U.S. by storm in the 1950s with a direct marketing method that allowed housewives to sell products in their homes, holds “somewhere between $500 million and $1 billion in assets ($7.4 million in cash), while owing over 50,000 creditors between $1 billion to $10 billion,” according to WJET/WFXP.
Here is the press release from the company.
Tupperware Brands Corporation (“Tupperware” or the “Company”) (NYSE: TUP), an iconic global brand, today announced that the Company and certain of its subsidiaries have voluntarily initiated Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware (the “Court”).
Tupperware will seek Court approval to continue operating during the proceedings and remains focused on providing its customers with its award-winning, innovative products through Tupperware sales consultants, retail partners and online. The Company will also seek 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.
Following the appointment of a new management team within the last year, Tupperware has implemented a strategic plan to modernize its operations, bolster omnichannel capabilities and drive efficiencies to ignite growth. The Company has made significant progress and intends to continue this important transformation work.
“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. We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process,” said Laurie Ann Goldman, President and Chief Executive Officer of Tupperware.
“Over the last several years, the Company’s financial position has been severely impacted by the challenging macroeconomic environment. 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.