2024-09-18 13:25:23
Almost everyone has a Tupperware container in their home. The manufacturer of these fresh-keeping products is one of the world’s traditional brands. But bankruptcy is imminent.
Who doesn’t know them? The colorful food storage containers from the US manufacturer Tupperware are a must-have in almost every household. The plastic containers began their triumphal march in the 1950s, when busy housewives began to market the goods to friends and acquaintances at so-called “Tupperware parties”. The manufacturer promised that the airtight containers would keep food fresh for a long time.
Now, however, the air seems to have gone out of Tupperware for good. The company is on the verge of bankruptcy. Tupperware could apply for creditor protection this week, the agency “Bloomberg” reported on Monday, citing people familiar with the matter. Preparations for the bankruptcy filing followed lengthy negotiations between Tupperware and its lenders about how to deal with debts of more than $700 million, the report said. Tupperware did not initially respond to a Reuters request for comment.
The company, founded in 1946 by businessman Earl Silas Tupper, has been struggling with financial difficulties for some time. Despite a brief upturn during the Corona pandemic, sales have declined in recent quarters. Back in March, the company had already warned of liquidity problems and expressed doubts about its continued existence.
In 2023, Tupperware tried to turn things around by restructuring the board of directors. Laurie Ann Goldman became the new CEO, replacing the hapless Miguel Fernandez, who had only been appointed in 2020. But the company’s problems grew ever larger.
The company’s shares fell by 15.8 percent in after-hours trading after the news broke, having already fallen by 57 percent in regular trading. Overall, the share price fell by 74.5 percent last year.
Do you have Tupperware at home and would you regret the company closing down? Write an email to [email protected]. Please use the subject “Tupperware” and give reasons.