Tupperware files for bankruptcy as demand slides

Tupperware Brands, the US shaper of nutrient retention containers, and immoderate of its subsidiaries person filed for bankruptcy successful the US successful the look of ballooning losses.

The embattled institution says it volition inquire for tribunal support to commencement a merchantability process of the concern and aims to proceed operating during the bankruptcy proceedings.

Last year, the 78-year-old steadfast warned that it whitethorn spell bust unless it could rapidly rise caller financing.

Tupperware has been attempting to reposition itself to younger customers arsenic it faces sliding sales.

"Over the past respective years, the company's fiscal presumption has been severely impacted by the challenging macroeconomic environment," Tupperware's main enforcement Laurie Ann Goldman said successful a connection to investors.

The company's shares person fallen by much 50% this week aft reports that it was readying to record for bankruptcy.

Tupperware has for years been struggling to stem falling income of its products successful the look of cheaper competition.

After a little surge successful income during the pandemic, arsenic much radical cooked astatine home, the steadfast saw request proceed to slide.

The rising outgo of earthy materials, higher wages and proscription costs person besides eaten into its nett margins.

Tupperware dominated its marketplace for years, becoming truthful synonymous with nutrient retention containers that galore radical usage its sanction erstwhile referring to immoderate integrative container.

The institution was founded successful 1946 by Earl Tupper, who patented the containers' flexible airtight seal.

Tupperware was a large innovation, arsenic it utilised caller plastics to support nutrient caller for longer, which was invaluable erstwhile refrigerators were inactive excessively costly for galore families.

However, it was not an contiguous success.

It was the pioneering saleswoman Brownie Wise who helped crook the marque into a household name, literally.

She developed an attack successful which salespeople, who were mostly women, sold Tupperware to different women successful their homes, amended known arsenic "Tupperware parties".

According to the company, Tupperware is present sold successful 70 countries astir the world.