Tupperware Brands (TUP.N) is reportedly preparing to file for bankruptcy as early as this week, according to Bloomberg News. The company's shares fell 15.8% to 43 cents after trading hours, ending the day with a 57% decline.
Tupperware brands is preparing to file for bankruptcy as soon as this week
9/17/2024
Founded in 1946 by chemist Earl Tupper, the brand gained immense popularity in the 1950s when post-war women hosted "Tupperware parties" at home to sell food storage containers, seeking empowerment and independence.
Sales initially surged during the COVID-19 pandemic as families stayed home, cooked more, and generated numerous leftovers. However, sales have dropped in recent quarters as life returned to normal.
Bloomberg News also reports that Tupperware is seeking court protection after failing to meet its debt obligations and has enlisted legal and financial advisers. This move follows extended discussions with its lenders over managing over $700 million in debt.
Tupperware has not yet responded to a request for comment from Reuters. Earlier this year, the company cautioned that its business operations might not be sustainable and was facing a liquidity crisis.
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