The end for Tupperware? Traditional brand on the brink of bankruptcy - 700 million dollars in debt

The cult brand Tupperware is in serious financial difficulties. According to reports, the company - known for its airtight containers - could file for bankruptcy this week.

It's hard to imagine a household without the colorful food storage containers from US manufacturer Tupperware. The plastic containers began their rise to fame back in the 1950s, when dedicated housewives sold their wares to friends and acquaintances at 'Tupperware parties'. The brand's promise: food in the airtight containers would stay fresh for a long time.

Now, however, the Tupperware success story seems to be coming to an end. According to several reports in the international media, the long-established company is on the verge of insolvency. According to a report by "Bloomberg", Tupperware could apply for creditor protection as early as this week.

The preparations for the application are the result of lengthy negotiations with lenders over debts of more than 700 million dollars. Tupperware itself has not yet commented on the matter.

12,000 employees affected

Founded in 1946 by Earl Silas Tupper, the company has been struggling with considerable financial problems for some time. Even a brief increase in sales during the coronavirus pandemic was unable to halt the long-term downward trend. Back in March, Tupperware pointed out impending liquidity bottlenecks and expressed doubts about the company's future viability.

In 2023, Tupperware attempted to initiate a change of course with a new appointment to the Management Board. Laurie Ann Goldman took over the role of CEO from Miguel Fernandez, who had only taken office in 2020. However, despite this change, the financial difficulties continued to worsen. The company currently employs 12,000 people worldwide.