Tupperware: The legendary tupperware saved – The plan for the new company –

Tupperware Brands Corporation has reached an agreement in principle with a group of its lenders, including Stonehill Capital Management Partners and Alden Global Capital, a day after canceling plans to auction its assets in the open market, according to Reuters.

After years of the legendary company struggling with an over-leveraged balance sheet and an outdated operating model, this deal will mark a new day for the iconic brand.

The transaction is planned to be structured as a private sale of all intellectual property rights required to create and market Tupperware’s brand and award-winning products, as well as operating assets in the United States and other overseas subsidiaries.

Tupperware: Elevation Efforts

Tupperware’s Board of Directors hired Laurie Ann Goldman, President and CEO, in October 2023. With experience in leadership positions at Avon North America, Spanx and Coca-Cola, Goldman sought to redefine its go-to-market strategy for valuable independent sales consultants, retailers and consumers and to build a top leadership team.

“Tupperware is considered the inventor of the party vending model and made leak-free food preservation products famous. Over the past year, we have created a new strategic and operational approach that is digital-first, technology-driven and asset-light, and we have maintained a global footprint for the company,” noted Goldman. “We’ve made tremendous progress and we’re delighted that this group of forward-thinking investors shares our vision and will work with us to grow.”

The plan for the new company

With its robust portfolio of award-winning, innovative products that consumers love and trust, the new company will continue to support entrepreneurship and a more sustainable lifestyle. Customers will be able to continue to purchase Tupperware products through independent Tupperware sales consultants, Tupperware e-commerce websites and retail partners in key global markets.

“We look forward to working with Tupperware’s talented leadership team to deliver on the growth strategy of this iconic brand,” said a Lender Group spokesperson.

Upon the announcement of the proposed transaction, any business outside of the global core large liability markets will be operationally closed. Goldman concluded: “Liquidating parts of the company will be a difficult but necessary decision to protect the future of the Tupperware brand. I want to thank all the wonderful people who will always be a part of the Tupperware family. Change and disruption are challenging, but sometimes necessary to move forward.”

New Tupperware like start up

It is envisioned that the New Tupperware Company will be rebuilt with a startup mindset, using an agile methodology in dynamic phases. The initial focus will be on key global markets, including the United States, Canada, Mexico, Brazil, China, Korea, India and Malaysia, and the new company plans to follow with European and additional Asian markets. .

The transaction is intended to be completed by the end of October 2024, subject to approval by the United States Bankruptcy Court for the District of Delaware and other customary closing conditions. Following completion of the transaction, New Tupperware Company will be a privately held company under the supportive ownership of Lenders Group.

Source: ot.gr