Tupperware Manufacturers, the US maker of meals storage containers, and a few of its subsidiaries have filed for chapter within the US within the face of ballooning losses.
The embattled firm says it is going to ask for courtroom permission to begin a sale strategy of the enterprise and goals to proceed working in the course of the chapter proceedings.
Final yr, the 78-year-old agency warned that it might go bust until it may rapidly increase new financing.
Tupperware has been making an attempt to reposition itself to youthful clients because it faces sliding gross sales.
“Over the past a number of years, the corporate’s monetary place has been severely impacted by the difficult macroeconomic surroundings,” Tupperware’s chief govt Laurie Ann Goldman stated in a statement to investors.
The corporate’s shares have fallen by extra 50% this week after experiences that it was planning to file for chapter.
Tupperware has for years been struggling to stem falling gross sales of its merchandise within the face of cheaper competitors.
After a quick surge in gross sales in the course of the pandemic, as extra individuals cooked at house, the agency noticed demand proceed to slip.
The rising value of uncooked supplies, increased wages and transportation prices have additionally eaten into its revenue margins.
Tupperware dominated its marketplace for years, changing into so synonymous with meals storage containers that many individuals use its title when referring to any plastic container.
The corporate was based in 1946 by Earl Tupper, who patented the containers’ versatile hermetic seal.
Tupperware was a serious innovation, because it utilised new plastics to maintain meals recent for longer, which was invaluable when fridges have been nonetheless too costly for a lot of households.
Nevertheless, it was not an instantaneous success.
It was the pioneering saleswoman Brownie Clever who helped flip the model right into a family title, actually.
She developed an method during which salespeople, who have been principally ladies, offered Tupperware to different ladies of their houses, higher referred to as “Tupperware events”.
Based on the corporate, Tupperware is now offered in 70 international locations all over the world.
