Now it's official Tupperware files for US bankruptcy
The fresh food can specialist Tupperware has filed for bankruptcy in the USA after years of problems. At the same time, the company is seeking a sale and wants to continue operating.
No time? blue News summarizes for you
- Tupperware has filed for bankruptcy under Chapter 11 of US law to protect itself from creditor claims.
- The company was previously several hundred million dollars in debt and was in negotiations with its lenders.
- A sale is intended to protect the brand and accelerate the transition to a technology-oriented company.
Proceedings under Chapter 11 of the US Bankruptcy Code will protect the company from claims by its creditors.
Tupperware, a pioneer in household food containers, has been struggling with financial difficulties for some time. In recent months, negotiations have been underway with creditors, to whom Tupperware owes several hundred million dollars.
A sale is now intended to protect the brand, according to a press release. At the same time, the aim is to drive forward the transformation into a primarily technology-based company.
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.
SDA
