Tupperware Brands Corp, known for manufacturing kitchen and household containers, has filed for bankruptcy due to declining global sales and increasing competition over the years. The company has applied for Chapter 11 bankruptcy protection, which allows it to restructure its debt and assets while continuing its operations.
In its bankruptcy filing in Delaware, USA, Tupperware revealed that its assets are valued between $500 million and $1 billion, while the company’s debt stands between $1 billion and $10 billion.
Struggling with Financial Crisis for Years
Although Tupperware saw a temporary increase in sales during the early days of the COVID-19 pandemic, its overall sales have been consistently declining since 2018 due to rising competition. Last year, the company sought additional funding and warned investors about its uncertain future, including the risk of being delisted from the New York Stock Exchange (NYSE). By June 2024, the company made the decision to close its last U.S. plant, leading to job losses for many employees.
A Period of Challenges
Tupperware, once a household name for kitchen storage solutions, has faced stiff competition from newer, cheaper alternatives in recent years. With the bankruptcy filing, the company now aims to restructure and make strategic decisions to safeguard its future.
