Tupperware Brands Corporation, subsidiaries file for Chapter 11 bankruptcy in United States

An iconic brand which became a household name across Australia and the rest of the world has filed for bankruptcy, citing declining sales.

Iconic global tupperware company Tupperware Brand Corporation and some of its subsidiaries have filed for Chapter 11 bankruptcy, citing declining sales.

In a statement, the company confirmed they had entered the proceedings in the United States Bankruptcy Court for the District of Delaware.

Tupperware was known for its colourful, airtight plastic containers primarily useful for food storage.

Despite a short-lived jump during the Covid-19 pandemic, the company revealed it was seeking court approval to facilitate a sale process for the business.

Tupperware Brand Corp and some of its subsidiaries have filed for Chapter 11 bankruptcy in the US, the company announced on Wednesday. Picture: AFP

“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,” Laurie Ann Goldman, president and chief executive of Tupperware, said.

First founded in the 1940s by chemist Earl S. Tupper in Massachusetts, the brand became famous throughout the 1950s and 60s when sales representatives held Tupperware parties to drive the sale of new merchandise.

Last year, the company revealed it was in a “challenging financial condition”, noting in a US Securities and Exchange Commission filing that it would miss its deadline to file an annual report.

Tupperware appointed a new management team and strategic plan to modernise operations, claiming it had made “significant progress”.

The recent filing followed a period of declining sales for Tupperware. Picture: AFP

It follows a period of declining sales during “the challenging macroeconomic environment” which impacted their financial position.

“As a result, we explored numerous strategic options and determined this is the best path forward,” Ms Goldman said.

“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.”

Ms Goldman said numerous strategic options were explored before the Chapter 11 filing was decided on.

“Whether you are a dedicated member of our Tupperware team, sell, cook with, or simply love our Tupperware products, you are a part of our Tupperware family,” she said. “We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process.”

Originally published as Tupperware Brands Corporation, subsidiaries file for Chapter 11 bankruptcy in United States