The iconic and revolutionary food storage company, Tupperware Brands, has filed for Chapter 11 bankruptcy protection. This specific chapter allows the company to continue operations during the bankruptcy process.
The company was founded in 1946 by Earl Tupper. Their food storage products quickly became bestsellers with the emergence of Tupperware parties – gatherings of housewives and mothers that got together to socialize and sell food containers. This trend was started by a woman named Brownie Wise, who later became the face of Tupperware Brands.
However, their dominance was short-lived. Their easy-to-replicate product was beat out of the spotlight by competitors, and their method of distribution slowly became irrelevant as online shopping increased in popularity.
The move to file for bankruptcy did not come as a surprise to many as overall sales have been declining since 2018. Last year, Tupperware sought additional financing and was at risk of being removed from the New York Stock Exchange. Shares have fallen over 75 percent in the past year, finally closing on Sept. 24 at 50 cents.
A bankruptcy petition was officially filed on Sept. 17, with Tupperware Brands having amassed over $1.2 billion in total debt and $679.5 million in assets. The report also states that Tupperware employs more than 5,450 employees cross 41 countries as well as partnering with over 465,000 freelance workers to sell their products.
However, filing for bankruptcy does not automatically mean the end of Tupperware. The company expressed interest in more digital marketing, but they did not provide any specifics as to how they would accomplish this.
“Whether you are a dedicated member of our Tupperware team, sell, cook with or simply love our Tupperware products, you are a part of our Tupperware family,” Tupperware President and CEO Laurie Ann Goldman said in a statement. “We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process.”
