Doubts around Tupperware’s future have floated around for some time.
Tupperware roots date back to 1946. The brand experienced explosive growth in the mid 20th century — particularly with the rise of Tupperware parties, first held in 1948.NEW YORK — Tupperware Brands, the company that revolutionized food storage decades ago, has filed for Chapter 11 bankruptcy protection.
In Tuesday’s bankruptcy petition, Tupperware reported more than $1.2 billion in total debts and $679.5 million in total assets. Shares for the company have fallen 75% this year and closed Tuesday at about 50 cents apiece. The system worked so well that Tupperware eventually removed its products from stores. And in Tuesday’s bankruptcy announcement, the company maintained that there were no current changes to Tupperware’s independent sales consultant agreements.
In a statement, Tupperware President and CEO Laurie Ann Goldman acknowledged Tupperware’s recent financial struggles and said that the bankruptcy process is meant to provide “essential flexibility” as the company pursues this transformation. She also maintained that the brand wasn’t going anywhere.
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