Tupperware, Food Container Company, Declares Bankruptcy in the US | Latest Business News
Tupperware, the manufacturer of food storage containers, has officially declared bankruptcy in the United States.
The company, established 78 years ago, has initiated the process to seek a potential buyer for the business in order to safeguard the brand.
Tupperware is widely recognized for its iconic “Tupperware parties,” which gained immense popularity in the 1960s and 70s as individuals hosted gatherings to sell the plastic products to friends, family, and neighbors in their homes.
Legendary stories suggest that the late Queen also used the Tupperware brand.
Tupperware Brands Corporation announced that filing for bankruptcy was the optimal way forward following extensive exploration of various strategic alternatives to sustain the company.
Laurie Ann Goldman, the Chief Executive, stated: “In recent years, the company has faced significant financial challenges due to the difficult economic climate.”
“Whether you are a committed member of our Tupperware team, a seller, a user, or simply an admirer of our products, you are part of the Tupperware family.”
“We intend to continue providing our loyal customers with the high-quality products they cherish throughout this transitional period.”
Last year, the struggling company revealed its efforts to secure financial backing from investors to prevent potential insolvency.
A party selling Tupperware products held in Florida in 1968. Pic: State Archive Of Florida
Established in 1946, Tupperware was created by Earl Tupper in Massachusetts and rapidly gained popularity as an innovative solution to minimize food wastage.
However, in recent years, it has encountered challenges in competing with other companies that produce more affordable and eco-friendly containers.
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Tupperware sales saw a temporary boost during the initial stages of the COVID pandemic, but have been steadily declining since 2018.
The product range now includes more environmentally sustainable materials such as glass and stainless steel, with some items even being manufactured from recycled plastic.
