Tupperware Sells to Lenders in Bankruptcy Deal

Tupperware Brands has reached a tentative agreement to sell itself to a group of lenders, including Stonehill Capital Management and Alden Global Capital, after filing for Chapter 11 bankruptcy in September. The deal involves $23.5 million in cash and $63 million in debt relief, with lenders gaining all of Tupperware's intellectual property and operating assets. Subject to court approval, the transaction is expected to close by the end of October 2024. This strategic overhaul aims to address Tupperware's over-leveraged balance sheet and outdated business model, focusing on key markets like the U.S., Canada, and select Asian countries, with plans to expand into Europe. The New Tupperware Company will adopt a digital-first, technology-led approach while maintaining its global footprint. CEO Laurie Ann Goldman emphasized the company's progress and the support from new investors in revitalizing the brand.