Tupperware Brands, the company that revolutionized food storage decades ago, has filed for Chapter 11 bankruptcy protection.
Orlando, Florida-based Tupperware plans to continue operating during the bankruptcy proceedings and will seek court approval for a sale, “in order to protect its iconic brand,” the company said just before midnight on Tuesday.
The company received an additional non-compliance notice from the NYSE for failing to file its annual results with the Securities and Exchange Commission earlier this year. And Tupperware had continued to warn about its ability to stay afloat in more recent months, with an August securities filing pointing to “significant liquidity challenges.”
Saunders explained that many consumers have been migrating to cheaper home storage brands — noting that competition has intensified over years, particularly with the rise of online platforms like Temu and retailers like Target also beefing up their own home storage and kichenware brands. The system worked so well that Tupperware eventually removed its products from stores. And in Tuesday’s bankruptcy announcement, the company maintained that there were no current changes to Tupperware’s independent sales consultant agreements.
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