Tupperware's sales have slid for years, now it's filing for bankruptcy
Tupperware Brands is boxing itself up and filing for bankruptcy, confirming initial reports from Bloomberg on Monday, as one of the pioneering forces in the food container game continues to struggle with increasing competition, waning demand, and piling debt.
According to its announcement yesterday, Tupperware will attempt to carry on operating during the process and try to facilitate a sale, though the business hasn’t really looked fresh for a while. Sales peaked at $2.7 billion over a decade ago; the company shuttered its final US factory earlier this year, laying off nearly 150 staff in the process; and it's delayed 6 financial reports since May 2023.
Even if the brand, founded by chemist Earl Tupper in 1946, gets consigned to the 2024 corporate leftovers box for once-booming-now-bankrupt businesses, at least we’ll always have the parties... though those memories might be of little solace to any of the company’s lenders (who are owed some $700 million).
According to its announcement yesterday, Tupperware will attempt to carry on operating during the process and try to facilitate a sale, though the business hasn’t really looked fresh for a while. Sales peaked at $2.7 billion over a decade ago; the company shuttered its final US factory earlier this year, laying off nearly 150 staff in the process; and it's delayed 6 financial reports since May 2023.
Even if the brand, founded by chemist Earl Tupper in 1946, gets consigned to the 2024 corporate leftovers box for once-booming-now-bankrupt businesses, at least we’ll always have the parties... though those memories might be of little solace to any of the company’s lenders (who are owed some $700 million).
