Tupperware files for bankruptcy

Tupperware Brands has filed for Chapter 11 bankruptcy, citing approximately $1.2 billion in debt against $680 million in assets, and plans to continue operating while seeking court approval for a sale. The company, a staple in American households since 1946, has been struggling due to changing consumer habits, increased competition, and a failure to modernize its sales strategies. CEO Laurie Ann Goldman emphasized that the bankruptcy process is necessary for restructuring and transforming the company into a technology-led enterprise. Tupperware's sales have plummeted, declining from $447.5 million in 2020 to $268.8 million in 2023, prompting concerns about liquidity. The brand, known for its iconic airtight containers and direct sales model, has faced six consecutive quarters of sales declines since 2021. Tupperware's financial challenges are further compounded by rising raw material and operational costs, signaling a critical turning point for the once-thriving company.