Tupperware products are offered for sale in retail stores on April 10, 2023 in Chicago, Illinois.
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Tupperware Brands Corp. Stock price history and some subsidiaries filed for Chapter 11 bankruptcy protection there, giving in to the dwindling demand for food storage containers once a symbol and mounting financial losses.
The company’s struggles continue after a short-lived pandemic boost, while the rapid increase in home cooking has fueled demand for airtight plastic containers. A post-pandemic jump in the cost of raw materials such as plastic resin, as well as labor and freight, boosted Tupperware’s margins.
“Over the past several years, the company’s financial position has been significantly impacted by a challenging macroeconomic environment,” Chief Executive Officer Laurie Goldman said in a press release.
Tupperware has planned to file for bankruptcy protection after breaching debt terms and seeking legal and financial advisors, Bloomberg reported on Monday.
The company has $500 million-$1 billion in estimated assets and $1 billion-$10 billion in estimated liabilities, according to a bankruptcy filing in the US Bankruptcy Court for the District of Delaware, which indicates a number of creditors between 50,001-100,000.
Tupperware has been trying to turn around its business for about four years now after reporting six consecutive quarters of sales declines starting in the third quarter of 2021, as sticky inflation continues to hurt its low- and middle-income consumer base.
In 2023, the company concluded an agreement with lenders to restructure its debt obligations, and signed investment bank Moelis & Co to help explore strategic alternatives.
