Tupperware Files for Bankruptcy

Tupperware, once a staple of American kitchens, filed for bankruptcy protection in Delaware on Tuesday. The company’s decline follows years of dwindling sales and failure to adapt to modern retail, relying heavily on independent sales representatives.

Tupperware’s iconic food storage containers peaked their popularity in the 1950s with its innovative “Tupperware parties,” which empowered women. 

“Nearly everyone now knows what Tupperware is, but fewer people know where to find it,” said Chief Restructuring Officer Brian Fox in a court filing. The company has been grappling with liquidity issues and reported $812 million in debt.

Tupperware plans to continue operations while seeking a buyer through a 30-day bidding process. “Even with a recently restructured balance sheet and a temporary financial boost, Tupperware’s high leverage, declining sales, and shrinking profit margins were too much to overcome,” noted James Gellert, executive chairman at RapidRatings.