Tupperware Brands has filed for Chapter 11 bankruptcy protection, marking a significant chapter in the company's decline. Once a household name with its iconic food storage containers popularized through "Tupperware parties" in the 1950s, the company has struggled in recent years, losing market share to competitors offering cheaper and more eco-friendly alternatives.
Chief Executive Officer Laurie Goldman cited the challenging macroeconomic environment as a major factor behind the company's financial troubles. Rising costs of labor, freight, and raw materials like plastic resin have added pressure. Additionally, the company has faced liquidity constraints, leading to doubts about its ability to stay in business.
Tupperware plans to seek court approval to continue operations while exploring the sale of the business. The company has been trying to recover from several quarters of declining sales and finalized a debt restructuring agreement with lenders in 2023.
Bankruptcy filings list Tupperware's estimated assets between $500 million and $1 billion, while liabilities are estimated between $1 billion and $10 billion. The company also disclosed having between 50,001 and 100,000 creditors. Despite its struggles, Tupperware remains committed to restructuring its business and finding strategic alternatives.