Dubai Telegraph - End of the party? Tupperware files for bankruptcy

EUR -
AED 3.938479
AFN 73.284283
ALL 98.19234
AMD 417.267449
ANG 1.943348
AOA 978.447316
ARS 1071.53141
AUD 1.629089
AWG 1.930079
AZN 1.82711
BAM 1.955647
BBD 2.17713
BDT 128.849948
BGN 1.9562
BHD 0.406468
BIF 3183.551653
BMD 1.072266
BND 1.425189
BOB 7.467417
BRL 6.152562
BSD 1.078316
BTN 90.972903
BWP 14.300884
BYN 3.528725
BYR 21016.42052
BZD 2.17343
CAD 1.49386
CDF 3073.115756
CHF 0.939162
CLF 0.03726
CLP 1028.119797
CNY 7.698019
CNH 7.63378
COP 4640.937963
CRC 551.556973
CUC 1.072266
CUP 28.415058
CVE 110.256399
CZK 25.259812
DJF 192.015021
DKK 7.459869
DOP 64.934934
DZD 142.958848
EGP 52.835878
ERN 16.083995
ETB 133.503285
FJD 2.399951
FKP 0.820465
GBP 0.830088
GEL 2.916983
GGP 0.820465
GHS 17.683621
GIP 0.820465
GMD 76.671173
GNF 9295.27488
GTQ 8.33535
GYD 225.592402
HKD 8.336174
HNL 27.205878
HRK 7.386875
HTG 141.888931
HUF 407.236454
IDR 16786.168917
ILS 4.020796
IMP 0.820465
INR 90.481213
IQD 1412.489812
IRR 45134.375558
ISK 148.766647
JEP 0.820465
JMD 171.076654
JOD 0.760348
JPY 163.686863
KES 139.08915
KGS 92.433433
KHR 4378.658423
KMF 493.644665
KPW 965.039476
KRW 1499.246878
KWD 0.328832
KYD 0.89853
KZT 530.808592
LAK 23665.153893
LBP 96559.167469
LKR 315.465391
LRD 204.33406
LSL 18.869628
LTL 3.166124
LVL 0.648604
LYD 5.232592
MAD 10.648369
MDL 19.338491
MGA 4988.610841
MKD 61.5252
MMK 3482.679288
MNT 3643.561097
MOP 8.633826
MRU 42.957649
MUR 49.75717
MVR 16.566921
MWK 1869.754141
MXN 21.634265
MYR 4.699212
MZN 68.521819
NAD 18.869628
NGN 1788.626462
NIO 39.676905
NOK 11.794827
NPR 145.556645
NZD 1.797446
OMR 0.412628
PAB 1.078316
PEN 4.044584
PGK 4.328662
PHP 62.679371
PKR 299.424042
PLN 4.325898
PYG 8431.342275
QAR 3.931893
RON 4.977143
RSD 116.980874
RUB 104.99181
RWF 1478.084695
SAR 4.02742
SBD 8.943509
SCR 14.390377
SDG 644.972153
SEK 11.594849
SGD 1.4214
SHP 0.820465
SLE 24.501684
SLL 22484.885861
SOS 616.251927
SRD 37.497551
STD 22193.748611
SVC 9.435264
SYP 2694.101668
SZL 18.864528
THB 36.687634
TJS 11.462006
TMT 3.763655
TND 3.347839
TOP 2.511359
TRY 36.822021
TTD 7.327428
TWD 34.580984
TZS 2878.975413
UAH 44.514627
UGX 3946.692121
USD 1.072266
UYU 45.046486
UZS 13787.924411
VEF 3884341.194834
VES 47.874003
VND 27101.532073
VUV 127.301648
WST 3.003615
XAF 655.905833
XAG 0.031788
XAU 0.000394
XCD 2.897854
XDR 0.808437
XOF 655.905833
XPF 119.331742
YER 267.878982
ZAR 19.79817
ZMK 9651.687743
ZMW 29.35571
ZWL 345.269328
  • JRI

    0.1600

    13.53

    +1.18%

  • BCC

    1.4700

    142.32

    +1.03%

  • BCE

    0.3000

    28.37

    +1.06%

  • GSK

    -0.3700

    36.29

    -1.02%

  • RBGPF

    61.4000

    61.4

    +100%

  • CMSD

    0.2350

    25.125

    +0.94%

  • RIO

    -3.0400

    64.43

    -4.72%

  • SCS

    0.0600

    13.14

    +0.46%

  • CMSC

    0.1600

    24.84

    +0.64%

  • BTI

    -0.0100

    35.39

    -0.03%

  • RELX

    0.3200

    47.98

    +0.67%

  • VOD

    -0.0100

    9.31

    -0.11%

  • RYCEF

    0.0100

    7.15

    +0.14%

  • BP

    -0.8800

    28.93

    -3.04%

  • NGG

    -0.3600

    63.94

    -0.56%

  • AZN

    -0.2000

    64.49

    -0.31%

End of the party? Tupperware files for bankruptcy
End of the party? Tupperware files for bankruptcy / Photo: SCOTT OLSON - GETTY IMAGES NORTH AMERICA/AFP

End of the party? Tupperware files for bankruptcy

Tupperware Brands and some of its subsidiaries have filed for Chapter 11 bankruptcy protection and are seeking a buyer, the food container firm said, after years of dwindling sales.

Text size:

"Over the last several years, the Company's financial position has been severely impacted by the challenging macroeconomic environment," president and CEO Laurie Ann Goldman said in a statement Tuesday announcing the bankruptcy filing.

"As a result, we explored numerous strategic options and determined this is the best path forward," added Goldman.

The company said it would seek court approval for a sale process for the business to protect its brand and "further advance Tupperware's transformation into a digital-first, technology-led company."

The Orlando, Florida-based firm said it would also seek approval to continue operating during the bankruptcy proceedings and would continue to pay its employees and suppliers.

"We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process," Goldman said.

The bankruptcy announcement had been in the pipeline for several weeks. In mid-August, the group said it continued to "face significant liquidity problems" and had doubts about its ability to continue its activity.

In its filing with the US Bankruptcy Court for the District of Delaware, Tupperware listed assets of between $500 million and $1 billion and liabilities of between $1 billion and $10 billion.

The filing also said it had between 50,000 and 100,000 creditors.

Tupperware shares closed at $0.5099 Monday, well down from $2.55 in December last year. Trading in them was suspended on Tuesday.

- 'Out of fashion -

The 78-year-old company became famous in the 1950s and 60s with its "Tupperware Parties," where friends would gather with food and drink as a company representative demonstrated the items.

Tupperware became synonymous with airtight plastic food containers but its business model failed to keep up with changing consumer demands.

It was severely hit by the emergence of online commerce, the rise of meal deliveries and has also been a victim of consumers turning to more environmentally friendly solutions.

"The party has been over for some time for Tupperware," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

"Shifts in buyer behavior pushed its containers out of fashion, as consumers have started to wean themselves off addictions to plastics and find more environmentally conscious ways of storing food," she said.

The company has tried to adapt to changes in consumption patterns by developing its online sales and entering into distribution agreements with chain stores, but has been unable to halt its slide.

Tupperware said it had implemented a strategic plan to modernize its operations and drive efficiencies to ignite growth following the appointment of a new management team last year.

"The Company has made significant progress and intends to continue this important transformation work."

The company's roots date to 1946, when chemist Earl Tupper "had a spark of inspiration while creating molds at a plastics factory shortly after the Great Depression," according to Tupperware's website.

Tupperware enjoyed a boom period during the Covid-19 pandemic before seeing its sales slide. In 2022, in the last annual results published by the group, Tupperware reported a turnover of $1.3 billion, down 42 percent on five years earlier.

"Its attempts to appeal to younger shoppers by selling in the US chain Target haven't been as successful as hoped," said Streeter.

"There is still a chance a buyer for the business can be found, but with plastic seen as far from fantastic, among eco-aware consumers, revitalising the brand will be an uphill struggle."

H.Yousef--DT