Tupperware Brands is planning to file for bankruptcy as early as this week, reports Bloomberg News on Monday (16 Sept).
The plastic container brand, which has become synonymous with food storage containers, became a household name worldwide following its rise in popularity after the Second World War.
Source: Tupperware Brands
The brand has since experienced rising debts and falling sales, struggling to revive its business in recent years.
It experienced a boost in sales during the Covid-19 pandemic due to the increase in cooking in households amidst the closure of eateries.
However, the increase in sales proved to be temporary as sales declined again upon the re-opening of shops after the worldwide lockdown.
Despite measures to appeal to the younger crowd, the 78-year-old brand failed to stop a slide in its sales.
Source: Shutterstock on c&en
Many attribute this to cheaper alternatives of regular plastic containers as compared to Tupperware Brands’ containers.
According to Reuters, the company’s shares were down 15.8% at 43 cents after the bell and closed down 57% amidst the recent news of bankruptcy.
Bloomberg, citing individuals with knowledge of the plans, said the company plans to seek court protection after violating its debt terms.
The Florida-based company had extensive negotiations over managing its debt of US$700M (S$906M).
Source: Getty Images
Earlier this year, the company announced that it would be shutting down its only American manufacturing plant in South Carolina.
In addition, they declared that they will also be laying off 148 workers in early 2025.
Tupperware had consulted advisers to help them through the proceedings amidst their plans to declare bankruptcy.
Plans are still tentative and are subject to change.
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Featured image adapted from Getty Images and Tupperware Brands.
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