Although there are many ways to store your food, Tupperware tends to be the biggest and best choice. They have been around for decades, and they are synonymous with the food storage industry.
On September 17, the Tupperware Brand along with a few of its subsidiaries filed for Chapter 11 bankruptcy protection. This came in a statement from the food storage container industry.
In recent years, there have been fewer and fewer sales of Tupperware. People tend to buy storage options that are disposable or perhaps that are less expensive. As a result, Tupperware has gone out of style.
According to the president and CEO of Tupperware Brands, Laurie Ann Goldman, “Over the last several years, the Company’s financial position has been severely impacted by the challenging macroeconomic environment as a result, we explored numerous strategic options and determined this is the best path forward.”
The firm, which is based in Orlando, Florida, is going to try to get approval to continue operating while the bankruptcy proceedings are moving forward.
Goldman continued: “We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process.”
On September 16, the shares were at $0.5099 which is significantly lower than the $2.55 it was trading at in December.
The company is not just going to fold, they are hoping to make progress and transform into a ‘digital-first, technology-led company.’ They also currently have up to 100,000 creditors that I’m sure are watching this carefully.
Tupperware started in 1946 when a chemist, Earl Tupper, ‘had a spark of inspiration while creating molds at a plastics factory shortly after the Great Depression.”
“If he could design an airtight seal for plastic storage containers, like those on a paint can, he could help war-weary families save money on costly food waste.”