Huge global homeware brand files for bankruptcy after 78 years
A HUGE global homeware brand which sells in 70 countries has filed for bankruptcy in the US.
Tupperware Brands, the US maker of food storage containers, said it will ask for court permission to start a sales process of the business.
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Last year, Tupperware Brands, a 78-year old firm, warned it may go bust unless it could quickly raise new funds.
The brand has been facing slowing sales as it tries to target a younger audience.
The company’s shares have fallen by more than 50% this week after reports it was planning to file for bankruptcy.
In a statement to investors, Tupperware’s chief executive Laurie Ann Goldman, said: “Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment.”
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She added: “As a result, we explored numerous strategic options and determined this is the best path forward.
“This process is meant to provide us with essential flexibility as we pursue strategic alternatives to support our transformation into a digital-first, technology-led company better positioned to serve our stakeholders.”
Tupperware was founded in 1946 by Earl Tupper, who patented the containers’ airtight seal.
The brand became well-known for its Tupperware Parties, first held in 1948, which called on women to host parties and sell the products to friends, family and neighbours.
The brand even reached the highest echelons of power, with Queen Elizabeth II reportedly keeping her breakfast cereals in the containers at Buckingham Palace.