On the verge of filing for bankruptcy, the Tupperware brand has been suspended on the stock market

2024-09-18 03:16:36

The end of the myth of our kitchens? Troubled for years, the American maker of popular plastic food containers Tupperware saw its share price suspended on Tuesday, after the Bloomberg agency reported a possible bankruptcy filing. On Monday, the stock lost 57.51% in one session after the publication of this information, according to which the Orlando (Florida) group may file for valuation early this week.

Asked by AFP, Tupperware did not immediately respond. As for the New York Stock Exchange, the stock exchange on which the stock is listed, it declined to comment on the reasons for the trading halt. In mid-August, the group declared that it was still “facing serious liquidity problems” and having “doubts about its ability to continue its operations”.

A social phenomenon

Tupperware has been burdened for several years by several hundreds of millions of dollars of debt and has had to restructure its financial obligations for the first time, in 2020. In the documents filed with the manager of the American markets this year , the SEC, the company has pointed out. that you have received adjustments from certain creditors to avoid payment default. The group has not published its accounts since 2022, a year during which its turnover fell to $ 1.3 billion, or 42% less than five years ago.

Launched in 1946, Tupperware has become a social phenomenon, entering millions of American homes and beyond thanks to the efficiency of its network of agents. When initially launched in stores, its plastic containers with airtight lids to keep food longer did not sell well. The company then came up with the process of “Tupperware meetings”, public demonstrations held at the representative’s house for a group of buyers.

In 2017, the company founded by the American inventor Earl Tupper still has more than three million of these representatives around the world. Tupperware has been weakened by the emergence of online shopping, food delivery and single-use plastic, which has challenged its model. The company tried to adapt by increasing its sales on the Internet and entering into distribution agreements with chain stores, but without being able to stop its slide.