Tupperware Brands Inc. has officially filed for Chapter 11 bankruptcy protection. The filing, made on September 17, 2024, includes Tupperware and several of its subsidiaries, as announced by the company in a statement.
The Orlando-based food storage company’s decision to seek bankruptcy protection comes after years of declining sales and mounting financial losses.
Founded in 1946 by chemist Earl Tupper, the brand became synonymous with innovative food storage solutions and “Tupperware Parties,” which allowed individuals to sell products through social gatherings. However, in recent years, Tupperware has struggled to maintain its relevance amid changing consumer habits and increasing competition.
Despite a brief surge in sales during the COVID-19 pandemic as home cooking became more popular, Tupperware’s fortunes declined sharply post-pandemic due to rising costs of raw materials, freight, and labor. The company’s efforts to revitalise its market presence, including partnerships with major retailers have not yielded the desired results.
“Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment,” president and chief executive officer Laurie Ann Goldman said.
“As a result, we explored numerous strategic options and determined this is the best path forward,” Goldman added.
The company also expressed its plans to seek court approval for a sale process intended to protect its brand and facilitate “Tupperware’s transformation into a digital-first, technology-led company.”
It would also request permission to maintain operations throughout the bankruptcy proceedings while ensuring that employees and suppliers continue to be paid.
Tupperware’s filing with the U.S. Bankruptcy Court for the District of Delaware revealed that it has between $500 million and $1 billion in assets and liabilities ranging from $1 billion to $10 billion. The company also reported having between 50,000 and 100,000 creditors.
Tupperware left the New Zealand market in late 2022 after almost 50 years of operation.
