Iconic Tupperware Brands seeks Chapter 11 bankruptcy

Tupperware Manufacturers, the corporate that revolutionized meals storage a long time in the past, has filed for Chapter 11 chapter safety.

The corporate plans to proceed working and can search courtroom approval for a sale, it stated simply earlier than midnight on Tuesday.

The corporate is searching for chapter safety amid rising struggles to revitalize its enterprise. Tupperware gross sales development improved throughout the early days of the COVID-19 pandemic, however general gross sales have been in regular decline since 2018 resulting from rising competitors. And monetary troubles have continued to pile up for the Orlando, Florida, firm.

Doubts round Tupperware’s future have floated round for a while. Final yr, the corporate sought further financing because it warned buyers about its capability to remain in enterprise and its danger of being delisted from the New York Inventory Alternate.

Shares have fallen 75% this yr and closed Tuesday at about 50 cents apiece.

Tupperware skilled explosive development within the mid twentieth century with the rise of Tupperware events, first held in 1948. Tupperware events gave many ladies an opportunity to run their very own companies out of their properties, promoting the merchandise inside social circles.

The system labored so properly Tupperware eliminated its merchandise from shops three years later. Social adjustments, specifically fewer dinners made out of scratch and extra nights spent eating out, took a toll Tupperware gross sales.