Tupperware Brands files for bankruptcy after negotiations with lenders
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Tupperware listed assets of between US$500 million (S$648 million) and US$1 billion, and liabilities between US$1 billion and US$10 billion.
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NEW YORK – Tupperware Brands filed for bankruptcy following a year-long struggle with sales declines and growing competition.
Publicly traded Tupperware filed for Chapter 11 bankruptcy protection, listing assets of between US$500 million (S$648 million) and US$1 billion, and liabilities between US$1 billion and US$10 billion.
The kitchenware company, which for decades dominated the world of food storage, since 2020 had warned of doubt in its ability to stay in business. As of June 2024, it had planned to close its only US factory and lay off almost 150 employees.
The bankruptcy filing in Delaware, the US, follows months-long negotiations between Tupperware and its lenders over how to manage more than US$700 million in loans.
The creditors had agreed to give it some breathing room on that debt, but the business continued to deteriorate.
Tupperware founder Earl Tupper in 1946 introduced its plastic products to the public, and subsequently patented their flexible airtight seal.
The brand’s goods later flooded into American homes, largely by way of independent sales parties hosted in suburban homes. BLOOMBERG
