Tupperware Brands Corp, the iconic US kitchenware company, has filed for Chapter 11 bankruptcy protection after years of declining sales and rising competition. According to a Bloomberg report, Tupperware listed assets between $500 million and $1 billion, while liabilities stood between $1 billion and $10 billion.
The company had faced financial struggles for some time, having issued a warning in 2020 about doubts regarding its ability to remain operational. By June 2024, Tupperware planned to close its last US factory, resulting in layoffs for nearly 150 employees.
Despite negotiations with lenders to manage over $700 million in loans, the business failed to recover, forcing the bankruptcy filing in Delaware.
Founded in 1946 by Earl Tupper, Tupperware became a household name through its innovative plastic products, particularly its patented airtight seals. The brand gained popularity through in-home sales parties that became a cultural phenomenon in suburban America.
