Tupperware Brands plans to file for bankruptcy, sources say, after lengthy efforts to revive it

NEW YORK – Tupperware Brands is preparing to file for bankruptcy as soon as this week, according to people with knowledge of the plans, following a year-long effort to revive the business amid waning demand.

The home-goods brand, which has for much of a century defined food storage, is planning to enter court protection after it breached the terms of its debt repayment, and enlisted legal and financial advisers, said the people, who requested anonymity to discuss confidential information.

The bankruptcy preparations follow protracted negotiations between Tupperware and its lenders over how to manage more than US$700 million (S$907 million) in debt. The lenders agreed in 2024 to give it some breathing room on the violated loan terms, but the company continued to deteriorate.

The plans are not final and could change. A representative for Tupperware declined to comment. 

Tupperware has for years warned of doubt in its ability to stay in business. In June, it made plans to shutter its only US factory and lay off almost 150 employees.

In 2023, it replaced chief executive officer Miguel Fernandez and several board members as part of an effort to turn the business around, appointing Laurie Ann Goldman as the new CEO. 

Tupperware in 1946 introduced its plastic products to the public after founder Earl Tupper invented their flexible airtight seal. The brand exploded into American homes largely by way of sales parties hosted by suburban women.

The company has continued throughout its almost 80 years in operation to rely largely on direct sales by an army of amateur vendors, counting in regulatory filings more than 300,000 independent saleswomen or salesmen as of 2022. BLOOMBERG