Tupperware files for bankruptcy

After years of decline, the traditional Tupperware company must file for bankruptcy. The food container specialist could be up to ten billion dollars in debt. Now he is looking for new donors.

The famous household goods manufacturer Tupperware is bankrupt. The company from Orlando, Florida filed for bankruptcy in the US.

The traditional company, known for its colorful food storage containers and private promotional parties, has struggled with falling sales numbers and rising costs for years. The reason for the current step was a dispute between the company and major creditors. They pointed to missed debt payments and claimed large portions of Tupperware.

Find investors

“The challenging macroeconomic environment has had a significant impact on the company’s financial position in recent years,” said CEO Laurie Goldman. The bankruptcy filings show that Tupperware has between one and ten billion dollars in debt. collection – compared to assets between 500 million and a billion dollars. The number of creditors is between 50,001 and 100,000.

The procedure being filed now under “Chapter 11” of the US bankruptcy law is intended to protect the company from the claims of creditors and enable realignment. The company wants to look for more investors. The Tupperware logo should be kept.

Business model under pressure

Just last year, Tupperware expressed “serious doubts” whether the company could maintain its business. It hasn’t released business figures since 2022. At that time, sales fell to $1.3 billion — 42 percent less than just five years earlier.

Several competitors, online sales and, last but not least, food delivery services caused problems for Tupperware and they questioned more and more about the business model. According to the company, there has recently been an “anti-plastic sentiment” among consumers.

Tupperware has 5,450 employees in 41 countries. In addition, there are approximately 465,000 self-employed sales consultants. The company, founded by Earl Silas Tupper in 1946, not only makes clear food storage boxes in all shapes and colors, but also baking tins and cutlery. The company also became popular through the “Tupper Party” sales format, where representatives of the company presented the latest products in a secret, private setting.