{"id":45846,"date":"2024-09-18T01:21:02","date_gmt":"2024-09-18T05:21:02","guid":{"rendered":"https:\/\/bnonews.com\/?p=45846"},"modified":"2024-09-18T01:24:24","modified_gmt":"2024-09-18T05:24:24","slug":"tupperware-brands-maker-of-plastic-food-containers-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/bnonews.com\/index.php\/2024\/09\/tupperware-brands-maker-of-plastic-food-containers-files-for-bankruptcy\/","title":{"rendered":"Tupperware Brands, maker of plastic food containers, files for bankruptcy"},"content":{"rendered":"\n<p>Tupperware Brands, the company well-known for its line of plastic containers for food storage, has filed for Chapter 11 bankruptcy after years of declining sales and growing competition.<\/p>\n\n\n\n<p>In a statement on Tuesday night, the publicly-traded company said Tupperware Brands Corporation and some of its subsidiaries voluntarily initiated Chapter 11 proceedings in the U.S. Bankruptcy Court in the District of Delaware.<\/p>\n\n\n\n<p>&#8220;Tupperware will seek Court approval to continue operating during the proceedings and remains focused on providing its customers with its award-winning, innovative products through Tupperware sales consultants, retail partners and online,&#8221; the <a href=\"https:\/\/ir.tupperwarebrands.com\/news-and-events\/press-releases\/2024\/09-18-2024-043654053\" target=\"_blank\" rel=\"noreferrer noopener\">statement<\/a> said.<\/p>\n\n\n\n<p>The kitchenware company will also ask the court to facilitate a sale process for the business to protect the brand and advance Tupperware&#8217;s goal to transform into a digital-first, technology-led company.<\/p>\n\n\n\n<p>Tuesday&#8217;s filing listed Tupperware&#8217;s assets at $500 million to $1 billion and liabilities between $1 billion to $10 billion. Earlier this year, Tupperware announced it would close its only U.S. factory and lay off 150 employees.<\/p>\n\n\n\n<p>&#8220;Over the last several years, the Company&#8217;s financial position has been severely impacted by the challenging macroeconomic environment,&#8221; said Tupperware CEO Laurie Ann Goldman. &#8220;As a result, we explored numerous strategic options and determined this is the best path forward.&#8221;<\/p>\n\n\n\n<p>The move follows months of negotiations between Tupperware and its lenders over how to manage more than $700 million in loans, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-18\/tupperware-files-bankruptcy-after-failed-turnaround-effort-m17at3fx\" target=\"_blank\" rel=\"noreferrer noopener\">Bloomberg<\/a>. The creditors previously agreed to give the company some breathing room but the business has continued to deteriorate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tupperware Brands, the company well-known for its line of plastic containers for food storage, has filed for Chapter 11 bankruptcy after years of declining sales and growing competition. In a statement on Tuesday night, the publicly-traded company said Tupperware Brands Corporation and some of its subsidiaries voluntarily initiated Chapter 11 proceedings in the U.S. Bankruptcy [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":45847,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4,2],"tags":[2446,1093,2628],"class_list":["post-45846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-usnews","tag-bankruptcy","tag-delaware","tag-tupperware"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tupperware Brands, maker of plastic food containers, files for bankruptcy - BNO News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bnonews.com\/index.php\/2024\/09\/tupperware-brands-maker-of-plastic-food-containers-files-for-bankruptcy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tupperware Brands, maker of plastic food containers, files for bankruptcy - BNO News\" \/>\n<meta property=\"og:description\" content=\"Tupperware Brands, the company well-known for its line of plastic containers for food storage, has filed for Chapter 11 bankruptcy after years of declining sales and growing competition. 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