After years of falling sales and increased competition, Tupperware Brands filed for bankruptcy.
After years of falling sales and increased competition, Tupperware Brands filed for bankruptcy.
Publicly traded Tupperware filed for Chapter 11 bankruptcy protection, listing assets between $500 million and $1 billion and liabilities between $1 billion and $10 billion.
The cookware company, which has dominated the food storage space for decades, has warned since 2020 that its ability to stay in business was in doubt. As of June, the company planned to close its only U.S. factory and lay off nearly 150 employees.
The bankruptcy filing in Delaware follows months of negotiations with creditors over how to manage more than $700 million in loans. Creditors agreed to give the company some breathing room, but its business continues to deteriorate.
Tupperware founder Earl Tupper introduced his plastic product to the public in 1946, subsequently patenting its flexible seal. The brand’s products subsequently flooded American homes, primarily through independent sales parties held in suburban homes.
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