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Tupperware Brands Corp. has filed for bankruptcy, just months after closing its last remaining U.S. factory due to financial difficulties.
The company formally announced its voluntary decision to commence Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the District of Delaware on Tuesday.
According to bankruptcy filings, the company's assets are estimated at between $500 million and $1 billion, its liabilities at between $1 billion and $10 billion, and it has between 510,000 and 100,000 creditors.
“Whether you're a dedicated member of the Tupperware team, sell or cook with Tupperware products, or simply enjoy using Tupperware products, you are part of the Tupperware family, and throughout this process we intend to continue to provide our valued customers with the high-quality products they love and trust,” Tupperware president and CEO Laurie Ann Goldman said in a statement.
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Tupperware products on shelves. (Chris Weeks/WireImage for Silver Spoon/via Getty Images/Getty Images)
She continued, “Over the past few years, our financial position has been significantly impacted by a challenging macroeconomic environment. As a result, we have considered a number of strategic options and determined that this is the best path forward. This process is intended to provide us with the flexibility we need to pursue strategic options that will enable us to transform into a digital-first, technology-driven company and better serve our stakeholders.”
Tupperware, founded in 1946 by chemist Earl Tupper, is asking the court to allow it to continue operating through its sales consultants, retail partners and online, according to a press release.
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Tupperware merchandise, including a set of retro storage containers, at left, sits on a table during a Tupperware party on Wednesday, May 18, 2022, in Sebastian, Florida. (Stephen M. Dowell/Orlando Sentinel/Tribune News Service via Getty Images/Getty Images)
The Orlando, Florida-based company has faced a series of woes in recent years.
The company launched a restructuring plan in 2020 and has since been working to implement objectives including improving profitability, strengthening its balance sheet and restructuring debt.
but, Securities and Exchange Commission Tupperware filed in April 2023,[t]The Company has concluded that there is significant doubt as to whether it will be able to continue as a going concern for at least one year following the expected date of issuance of its Form 10-K financial statements.”
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| TUP | Tupperware Brands, Inc. | 0.49 | -0.69 |
-58.69% |
Tupperware Brands, Inc.
Then in June, Tupperware announced it was permanently closing its Hemingway factory. South Carolina148 employees were laid off.
According to the notice, the layoffs will begin in September, with the plant's final closure scheduled for January 2025.
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Tupperware products will be available at Chicago retail stores on April 10, 2023. (Scott Olson/Getty Images/Getty Images)
Tupperware said in a statement at the time that it sold the Hemingway plant last year and planned to move operations to Lerma, Mexico, where most of the products sold in the United States and Canada are already made.
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Tupperware Appointed Goldman becomes CEO October 2023.
The company's popularity exploded in the 1950s, when a post-war generation of women seeking self-reliance and independence held “Tupperware parties” in their homes and sold food storage containers.
FOX Business' Ailslyn Murphy and Daniella Genovese and Reuters contributed to this report.
