Tupperware Brands Corp, a maker of kitchen and home containers, has filed for bankruptcy after struggling for several years with declining global sales and rising competition.
The company has applied for Chapter 11 bankruptcy protection, which allows businesses to reorganize their debts and assets to continue operating.
Tupperware said in a court filing that its assets are worth between $500 million and $1 billion. The company has debts of between $1 billion and $10 billion.
The company was facing financial difficulties for a long time The company was facing financial difficulties for a long time. In 2020, Tupperware said that it may find it difficult to continue its work. By June 2024, the company decided to close its last US plant, due to which 150 people became unemployed.
Tupperware has been trying to get its business back on track for the last four years. The company's sales have declined for six consecutive quarters starting from the third quarter of 2021. Its sales increased sharply during the Corona epidemic, when people were not leaving their homes. However, when the situation became normal, its sales fell drastically.
Tupperware shares fell 56.04% in 5 days Tupperware's stock has fallen 56.04% in the last 5 days. At the same time, its stock has seen a decline of 75% so far this year. Tupperware's stock has fallen 96.75% in the last 5 years.
Tupperware shares have fallen by 56.04% in the last 5 days to the level of US$0.51.
Tupperware was founded in 1946 Tupperware Brands Corp. was founded in 1946 by Earl Tupper. The company became a household name for its innovative plastic products, especially its patented airtight seals.
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