In bankruptcy, the manufacturer of the iconic Tupperware boxes announced that it had reached an agreement in principle with a group of creditors, which should allow it to emerge from the crisis.
After years of difficulty during which Tupperware was weighed down by immense debt “and an outdated operating model, the transaction would mark a new day for the iconic brand,” the company said in a statement Tuesday. The latter mentions “an agreement in principle with a group of its secured creditors, including Stonehill Capital Management Partners and Alden Global Capital”.
With this operation, the Orlando group undertakes to sell to the group of creditors the intellectual property “necessary for the creation and marketing of the Tupperware brand”, as well as certain assets in the United States and in other subsidiaries foreign.
Also read: Symbol of female emancipation (and its opposite), Tupperware risks bankruptcy
Customers will be able to continue to purchase Tupperware products through advisors, Tupperware e-commerce sites and partners in major global markets, the statement said.
The operation should be finalized by the end of the month. It will lead to the end of Tupperware’s activities in markets deemed non-essential. “Liquidating certain parts of the company will be a difficult but necessary decision to protect the future of the Tupperware brand,” said Laurie Ann Goldman, CEO, quoted in the press release.
Billions of dollars in debt
Tupperware declared bankruptcy in mid-September. In documents filed with the US Bankruptcy Court in Delaware, he then estimated his assets between $500 million and one billion dollars, and his liabilities (capital and debt) between one and ten billion dollars.
Also read: Crumbling under debt, Tupperware launches bankruptcy proceedings
The group first restructured its financial commitments in 2020. By mid-2023, it had managed to restructure more than half a billion dollars of its debt.
