Iconic U.S. brand files for bankruptcy
Tupperware Brands, the food storage company famous for its in-home parties, has filed for Chapter 11 bankruptcy protection.
The Florida-based company said it remain in operation as it seeks court approval for a sale.
“Tupperware will seek court approval to continue operating during the proceedings and remains focused on providing its customers with its award-winning, innovative products through Tupperware sales consultants, retail partners and online,” the company said in a press release.
“The company will also seek court approval to facilitate a sale process for the business in order to protect its iconic brand and further advance Tupperware’s transformation into a digital-first, technology-led company,” it added.
In June, Tupperware shut down its South Carolina factory, its only in the U.S., and moving production to Mexico. Last year, the company sought additional financing as it signaled concerns about its ongoing operations and risk of delisting on the New York Stock Exchange, CNN reported.
Tuesday’s bankruptcy filing reported more than $1.2 billion in total debts compared to $679.5 million in assets.
Founded in 1946, Tupperware manufactures preparation, storage, and serving containers. For most of its history relied on a direct sales model, pioneering at-home parties where hosts sold to friends and family. Tuesday’s bankruptcy announcement said there were no current changes for Tupperware’s independent sales consultant agreements.
