Tupperware is bankrupt. The historic household goods brand has finally declared bankruptcy after voluntarily requesting protection under Chapter 11 of the North American legislation that regulates these procedures before the bankruptcy court for the district of Delaware (United States).
Thus, the rumors that forced the New York Stock Exchange to suspend the trading of Tupperware on Tuesday after its fall of more than 57% during Monday’s session have been confirmed.
The Chairman and CEO, Laurie Ann Goldmanassured that the “difficult macroeconomic environment” was behind Tupperware’s decision to seek legal protection, referring to the rise in raw material prices and the bursting of the post-pandemic home cooking bubble.
In the documentation sent to the court, Tupperware indicated that it had assets of between $500 and $1 billion (449.2 and 898.3 million euros), while its liabilities were between $1,000 and $10 billion (898.3 and 8,983 million euros).
The move comes ahead of lengthy negotiations with its creditors to manage more than $700 million (€628.8 million) of debt. They agreed this year to ease lending terms, but market conditions have continued to deteriorate during that period.
In that sense, Tupperware had been warning for years about its doubts about its ability to stay afloat and, as early as June, it was considering closing its only factory in the United States and laying off nearly 150 employees.
Additionally, in 2023, he replaced the former CEO, Miguel Fernandezby Goldman and relieved several board members as part of its efforts to restructure the company.
Tupperware has been on the market for almost 80 years. In 1947, it introduced the call bowl of wondera plastic container for carrying food in an airtight manner, with a closure inspired by the shape of an upside-down paint can lid. From there, its success was resounding and it became the primary container for bringing food to work for millions of people around the world.
