United States – Global product company Tupperware Brands has officially filed bankruptcy in the United States through a voluntary initiative of Chapter 11 proceedings in the United States. Said proceedings were filed in the United States Bankruptcy Court for the District of Delaware.
According to the brand, they will seek court approval to continue operating during the proceedings and remains focused on providing its customers with its products through Tupperware sales consultants, retail partners and online.
Moreover, the brand 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.
Laurie Ann Goldman, president and chief executive officer at Tupperware, said, “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.”
It is worth noting that following Tupperware’s appointment of a new management team last year, they have implemented a strategic plan to modernise its operations, bolster omnichannel capabilities and drive efficiencies to ignite growth. Moreover, it has made significant progress and intends to continue this important transformation work.
Goldman added, “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.”
Tupperware Brands Corporation was founded in 1946 by Earl Tupper, an American chemist and inventor. The company originated with Tupper’s invention of airtight, lightweight plastic containers designed to store food while keeping it fresh. Tupper initially struggled to sell his innovative products through traditional retail channels, as consumers were unfamiliar with the concept of plastic food storage.
