Tupperware's Chapter 11 Filing Faces Lender Opposition

Tupperware Brands Corp. has filed for Chapter 11 bankruptcy, marking the end of an era for the iconic American company known for its colorful food storage containers. The company is burdened with over $1 billion in debt and has faced declining sales due to its failure to adapt to modern retail strategies. Tupperware's lenders, including Alden Global Capital and Bank of America, have opposed the bankruptcy auction, cutting off its access to funds and pushing for a quick liquidation. Despite these challenges, Tupperware aims to continue operations and seek a buyer while transitioning to a digital-first model. The company's historical significance includes empowering women through direct sales and popularizing 'Tupperware parties' in the 1950s.