Tupperware, the iconic food storage container company, has filed for Chapter 11 bankruptcy protection due to dwindling demand and mounting financial losses. The company cited a challenging macroeconomic environment, rising raw material costs, and persistent inflation as contributing factors.
The company's struggles resumed after a short-lived pandemic boost, when increased home cooking briefly drove demand for its colorful, airtight plastic containers.
The company's struggles resumed after a short-lived pandemic boost, when increased home cooking briefly drove demand for its colorful, airtight plastic containers. A post-pandemic jump in costs of raw materials such as plastic resin, as well as labor and freight, further dented Tupperware margins. Tupperware has been planning to file for bankruptcy protection after breaching the terms of its debt and enlisting legal and financial advisers, Bloomberg reported on Monday.
Tupperware Bankruptcy Financial Losses Declining Sales Food Storage Containers
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