The famous food container company, Tupperware Brands Corps. And several of its subsidiaries filed for Chapter 11 bankruptcy protection amid declining demand and mounting financial losses.
The company's sales have remained resilient post-pandemic as increased home cooking activity drives demand to recover.
However, rising costs of raw materials such as plastic resin, labor and transportation continue to affect Tupperware's margins.
Tupperware CEO Laurie Goldman said that in recent years the company's financial position has often been severely affected by the challenging macroeconomic environment.
Tupperware had planned to file for bankruptcy protection after breaching the terms of its debt and sought financial legal counsel.
Meanwhile, the Tupperware Corps. Recorded $500 million to $1 billion in estimated assets and $1 billion to $10 billion in estimated liabilities based on the bankruptcy filing in the United States Bankruptcy Court.
Previously, Tupperware had been trying to revive its business for about four years now after reporting declines in sales for six consecutive quarters since the third quarter of 2021.
