American meals storage container producer Tupperware Manufacturers and a few of its subsidiaries have filed for chapter in the US attributable to mounting losses.
The troubled firm stated it will search court docket permission to start out a sale of the enterprise and deliberate to proceed working through the chapter proceedings.
Final 12 months, the 78-year-old firm warned it may go bankrupt if it did not elevate new capital shortly.
Tupperware has been making an attempt to reposition itself to draw youthful prospects because it faces declining gross sales.
“We plan to proceed to supply our valued prospects with the high-quality merchandise they love and belief all through this course of,” stated Laurie Ann Goldman, the corporate’s CEO. Statement to investors.
The corporate’s shares have fallen greater than 50% this week following stories that the corporate plans to file for chapter.
Tupperware has struggled for years to stem declining gross sales of its merchandise within the face of cheaper competitors.
After a short surge in gross sales through the pandemic, the corporate has seen demand proceed to say no as extra folks prepare dinner at residence.
Rising uncooked materials prices, wages and transportation prices have additionally eroded its revenue margins.
Tupperware has dominated its marketplace for years and has develop into synonymous with meals storage containers, a lot in order that many individuals use its title when referring to any plastic container.
The corporate was based in 1946 by Earl Tupper, who patented a versatile hermetic seal for containers.
It grew to become extensively recognized within the Fifties and Nineteen Sixties, when folks held “Tupperware events” at residence and bought plastic containers to pals and neighbors.
