ALBAWABA – Tupperware, the American multinational company that produces home product lines that include kitchen gadgets, preparation, storage containers, and serving products for the kitchen and home, announced filing for bankruptcy. The company permanently closed its only factory and laid off 150 employees.
Tupperware files for bankruptcy
Tupperware announced plans to file for bankruptcy as soon as possible, according to sources. The company spent years attempting to revive the business amid decreased demand and struggles in the business.
The brand is planning to seek court protection after violating debt terms and has hired legal and financial advisors.
Tupperware and debt
Tupperware, which has been in the market for nearly a century, decided to initiate bankruptcy procedures after previous negotiations with the company’s lenders, as it faced nearly $700 million in debt.
The company decided to permanently close its only factory and lay off 150 employees. (Shutterstock)
It is worth noting that lenders agreed to help Tupperware and gave the company a year to revive but the business continued to diminish. Accordingly, the company chose to close its factory and terminate 150 employees.
"Over the last several years, the company's financial position has been severely impacted by the challenging macroeconomic environment," Chief Executive Officer Laurie Goldman said in an announcement.
Tupperware was founded by Earl Tupper, an American businessman and inventor, in 1946. The company introduced plastic products to the public and later patented their flexible airtight seal.
