Tupperware Brands Inc. and some of its subsidiaries have filed for Chapter 11 bankruptcy protection, according to a statement released by the firm.
In recent years, the company, famed for its signature food storage containers, has experienced a decline in sales.
Last year, it expressed “substantial doubt” about its capacity to continue operating due to its terrible financial status. The company stated that it would seek court clearance to continue operating during the bankruptcy proceedings, as well as approval for a sale process to protect the business’ brand.
“Over the last several years, the Company’s financial position has been severely impacted by the challenging macroeconomic environment,” president and CEO Laurie Ann Goldman said in a statement announcing the bankruptcy filing.
“As a result, we explored numerous strategic options and determined this is the best path forward. This process is meant to provide us with essential flexibility as we pursue strategic alternatives to support our transformation into a digital-first, technology-led company better positioned to serve our stakeholders,” added Goldman.
“If he could design an airtight seal for plastic storage containers, like those on a paint can, he could help war-weary families save money on costly food waste.”
Tupper’s hermetically sealed plastic containers became synonymous with “Tupperware Parties,” in which friends gathered with food and drink while a business representative displayed the products.
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