2024-09-19 12:29:26
New Delhi: Tupperware is known for making kitchenware items. The company’s lunch boxes, water bottles and other items are widely used. Also, the company’s airtight plastic containers for storing kitchen items have been found in almost every household. But now the company has lagged behind in the race of competition. The company has a debt of $700 million (about Rs 5860 crore). Due to the fall in sales and failure to repay the debt, this company has applied for bankruptcy in the US along with some of its subsidiaries.The 163 year old company that made Titanic also sank! The government also gave up
had a negative impact on sales
Tupperware is an American company. It was started in 1946. Tupperware has been a popular brand for colorful plastic utensils used in the kitchen. Its products are available in many countries around the world including India. According to our associate Economic Times, in the last few years, this company has been struggling to maintain its popularity among consumers in the market. Due to the decrease in product sales, the company is now incurring huge losses. The company’s chairman and CEO Laurie Ann Goldman said that the company’s financial condition has been very bad in the last several years. This has had a bad effect on the company’s financial condition.
The cost of raw materials increased the trouble
After Corona, the cost of many essential raw materials like plastic resin had increased. Along with this, the wages of the people working in the company also increased. Apart from this, the cost of freight also increased. These things reduced the company’s margin significantly and the company started incurring losses. In August, the company had said that it was facing a cash crunch. Along with this, the company also informed its investors that the company has a huge debt. Due to this, it is facing difficulty in running the business.
How much debt does the company have?
The company has applied for bankruptcy in the US court. The company had indicated last year itself that if it could not raise funds, it could go bankrupt. The company has a debt of $700 million (about Rs 5860 crore). According to the report, preparations for bankruptcy began after long negotiations with the lenders.