The company Tupperware Brands was formally declared in bankruptcy.
The above happened after the company presented the documents of its financial situation to the Bankruptcy Court of USA for the District of Delaware.
One of the main reasons that forced Tupperware to declare bankruptcy was the low demand for its popular plastic food storage products.
According to documents submitted by the company to the court, it reports having assets estimated between 500 y billion dollarsy liabilities estimated between mil y 10 billion dollars.
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In addition, they have a debt of more than 700 million dollars with lenders, so they had prolonged negotiations to cover the balance.
Tupperware had been planning to file for bankruptcy protection after failing to meet the terms of its debt and hiring legal and financial advisors on Monday, according to Bloomberg.
It should be remembered that at the beginning of the pandemic of covid-19, The company saw a surge in sales as people stayed home and cooked more, storing their food in Tupperware containers.
However, the post-pandemic brought negative financial consequences due to the increase in the cost of raw materials, plastic resin, labor and freight, which reduced Tupperware’s profit margins.
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Now, due to the declaration of bankruptcy, its listing on the stock exchange was suspended. New York.
Yesterday, September 16, the company registered a fall in its shares due to 57.61 percent.
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2024-09-20 05:17:36