Tupperware Brands (TUP.N) and several of its subsidiaries filed for Chapter 11 bankruptcy protection on Tuesday, unable to overcome the declining demand for its once-popular colorful food storage containers and mounting losses. After experiencing a brief surge in sales during the pandemic—when more people cooked at home and utilized its airtight plastic containers for leftovers—the company has struggled to maintain that momentum.
Tupperware has filed for bankruptcy
9/18/2024
The post-pandemic rise in costs for essential raw materials like plastic resin, along with increases in labor and freight, has further squeezed the company's profit margins. In August, Tupperware expressed significant doubt about its ability to continue operating as a viable business for the fourth time since November 2022, citing a liquidity crisis.
Bankruptcy filings in the U.S. Bankruptcy Court for the District of Delaware reveal that Tupperware has estimated assets between $500 million and $1 billion and liabilities ranging from $1 billion to $10 billion. Reports indicate that Tupperware had been preparing to file for bankruptcy protection after violating its debt terms and seeking guidance from legal and financial advisors. This preparation followed extended negotiations with lenders regarding over $700 million in debt.
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