But the company says it will continue to operate through the process
of ConsumerAffairs
Tupperware Brands Corporation, whose products were a staple of American kitchens for generations, has filed for Chapter 11 bankruptcy protection, a victim of increased competition and changing food consumption habits.
The company said it will seek court approval to continue operating during the proceedings and remains focused on providing its customers with its products through Tupperware sales consultants, retail partners and online.
The company will also seek approval to find a buyer for the business to protect its iconic brand and further advance Tupperware's transformation a technology-led company.
Tupperware installed a new management team in 2023 to try to turn around the business and modernize operations. The company said the new team has made progress but there is more work to be done.
"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, said Laurie Ann Goldman, CEO of Tupperware. We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process."
The company took off in the post-World War II years, especially in the 1950s. It built its business on independent sales consultants who often threw Tupperware parties in their homes to introduce and sell the product directly to consumers. The company said there is no change to those independent sales agreements.
The company listed $500 million to $1 billion in estimated assets and $1 billion to $10 billion in estimated liabilities, according to bankruptcy filings. The number of creditors seeking to be paid is as high at 100,000.
Photo Credit: Consumer Affairs News Department Images
Posted: 2024-09-18 12:51:37
