(AmericanProsperity.com) – Tupperware, the seventy-eight-year-old American plastic food container brand, has filed for bankruptcy, and they are on the hunt for a new owner to take over.
The company, founded by Earl Tupper, became known for its “burbling” seal but has now filed for U.S. Chapter Eleven bankruptcy as they say that finances have been “severely impacted” by the economy.
Tupperware became famous in the fifties and sixties when sales representatives held Tupperware parties to sell their plastic containers. The brand had an increase in popularity during the pandemic when many people were cooking more at home.
However, last year the company came out saying that it was at risk unless it raised emergency funds to counteract the issues. They said that they were looking for someone to buy the company that would “protect its iconic brand and further advance Tupperware’s transformation into a digital-first, technology-led company.”
The president and chief executive of Tupperware, Laurie Ann Goldman, said, “Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment.”
Goldman continued, “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.”
Some experts have said that a lot of the issue could be people leaning away from things like plastics and opting for other alternatives instead of purchasing from the Tupperware brand. They also said that revitalizing the brand will be an uphill battle, but it’s necessary to be sustained in these times where eco-friendly markets are booming.
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