Tupperware Just Filed for Bankruptcy—Does That Mean It’s Going Out of Business?
My nana is going to be devastated.
Tupperware/Allrecipes
The Tupperware brand has been a pioneer in the food storage space since its founding in 1946. From iconic containers to other items like kitchen tools, utensils, mixing bowls, and even recipes that complement each product, Tupperware represents Americana at its finest. The plastic food containers became popular through door-to-door sales and trendy "Tupperware parties" that defined suburbia in the '50s and '60s. The brand found so much success through these direct-to-consumer strategies that it removed its products from stores. It wasn’t until 2022 that they decided to sell products in Target stores in a major shift to try and keep up with changing shopping habits. But with recent news, it looks like the party might be over for Tupperware.
Tupperware Has Filed for Chapter 11 Bankruptcy
AllRecipes / Daisy Rodriguez
In a statement shared Sept. 17, Tupperware said it will be filing for Chapter 11 bankruptcy. “Over the last several years, the Company's financial position has been severely impacted by the challenging macroeconomic environment. As a result, we explored numerous strategic options and determined this is the best path forward,” said Laurie Ann Goldman, President and Chief Executive Officer of Tupperware. “This process is meant to provide us with essential flexibility as we pursue strategic alternatives to support our transformation into a digital-first, technology-led company better positioned to serve our stakeholders.”
Despite the spike in sales during the pandemic, it looks like that wasn’t enough for the revered brand. The news might not come as a huge surprise following alarm bells in 2023 when the brand shared in a regulatory filing that there was “substantial doubt about the company’s ability to continue as a going concern.” However, there was hope after a deal was reached with its creditors four months following the filing, causing Tupperware’s stock to rise 47%. Despite this bump, it looks like its finances continued to decline after the deal was made.
So, what does this mean for the future of Tupperware? With a Chapter 11 bankruptcy, the brand has a chance to reevaluate its finances and still continue to operate on a day-to-day basis. Hopefully with this filing, there may yet be some hope for Tupperware to stick around just a little longer. In the meantime, we can still stock up on the classics online. They may be collector's items one day.
Read the original article on All Recipes.