Tupperware Files For Bankruptcy

MIAMI, FL (REUTERS) – Tupperware Brands has filed for Chapter 11 bankruptcy protection, succumbing to mounting losses amid poor demand for its once-iconic food storage containers.

The company’s popularity exploded in the 1950s as women of the post-war generation held “Tupperware parties” at their homes to sell food storage containers as they sought empowerment and independence.

However, it has lost its edge to rivals making cheaper and more environmentally friendly containers.

Last month, Tupperware raised doubts about its ability to remain in business after flagging potential bankruptcy risk several times due to liquidity constraints.

The company has been trying to turn its business around for years after reporting several quarters of falling sales.

A post-pandemic jump in costs of labor, freight and raw materials such as plastic resin has also pressured its business.

Tupperware listed $500 million-$1 billion in estimated assets and $1 billion-$10 billion in estimated liabilities, according to bankruptcy filings in the U.S. Bankruptcy Court for the District of Delaware. It listed the number of creditors to be between 50,001 and 100,000.