Tupperware, once a household name, files for bankruptcy

Tupperware Brands and some of its subsidiaries filed for Chapter 11 bankruptcy protection on Tuesday. The company, widely known for its food storage containers, has been struggling with falling sales in recent years.

In Short

• Tupperware files for Chapter 11 bankruptcy
• Declining sales led to financial troubles
• Plans to continue operations during proceedings

The iconic sound of a Tupperware lid being sealed or forced open is a sound that echoes through many childhood memories.

For decades, Tupperware containers weren’t just kitchen essentials — they were symbols of care, as moms packed school lunches with love, often with strict instructions to not misplace them. And heaven help us if we did!

The beloved household name has now filed for bankruptcy, marking a surprising fall from its once unshakeable status in homes across the world.

Tupperware Brands and some of its subsidiaries filed for Chapter 11 bankruptcy protection on Tuesday. The company, widely known for its food storage containers, has been struggling with falling sales in recent years.

Last year, the firm, listed on the New York Stock Exchange, warned of “substantial doubt” about its ability to continue operations due to its financial troubles.

Laurie Ann Goldman, Tupperware’s president and CEO, said in a statement, "Over the last several years, the company's financial position has been severely impacted by the challenging macroeconomic environment."

She added that after exploring several strategic options, filing for bankruptcy was seen as the best solution.

The company now plans to seek court approval for a sale process that will allow it to protect its brand and move towards becoming a digital-first, tech-focused company.

Tupperware also intends to keep operating throughout the bankruptcy proceedings, ensuring that it continues to pay its employees and suppliers.

"We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process," Goldman said as per a report in AFP.

Tupperware’s shares were trading at just $0.5099 on Monday, a sharp drop from Rs 2.55 in December of last year

. Despite this, the company believes it has made progress in modernising its operations and driving efficiencies since the appointment of a new management team last year. It aims to continue these efforts to revive the brand.

In its filing with the US Bankruptcy Court for the District of Delaware, Tupperware listed assets between $500 million and $1 billion and liabilities between $1 billion and $10 billion. It also reported having between 50,000 and 100,000 creditors.

The company’s journey began in 1946, when chemist Earl Tupper came up with the idea of creating an airtight seal for plastic storage containers. His invention helped families save money on food waste, a huge concern during that period.