The American company has been weakened by the emergence of online commerce, meal delivery and single-use plastic, which have called its model into question.
The legendary American group announced this Wednesday that it had launched bankruptcy proceedings.
“The company has been facing a difficult environment for a number of years,” said Laurie Ann Goldman, CEO of the company, which has filed for Chapter 11 bankruptcy protection.
In difficulty for years, the manufacturer of the famous plastic food containers Tupperware explained in August that it was still “facing significant liquidity problems” and had “doubts about its ability to continue its activity”.
Tupperware has been burdened for several years by several hundred million dollars of debt and had already had to restructure its financial commitments for the first time, in 2020.
In documents filed with the US securities regulator, the SEC, this year, the company said it had obtained accommodations from some creditors to avoid a default.
The group has not published its accounts since 2022, when its turnover fell to $1.3 billion, 42% less than five years earlier.
“Tupperware Meetings”
Launched in 1946, Tupperware had become a social phenomenon, entering millions of American homes and beyond through the efficiency of its network of representatives.
Initially launched in stores, its plastic containers with airtight lids to keep food fresher for longer did not sell well.
The company then came up with the idea of ”Tupperware meetings”, demonstrations held at the home of a representative for a group of potential buyers.
In 2017, the company founded by American inventor Earl Tupper still had more than three million of these ambassadors worldwide.
Tupperware has been weakened by the emergence of online commerce, meal delivery and single-use plastic, which have challenged its model.
The company has tried to adapt by expanding its online sales and entering into distribution agreements with chain stores, but has been unable to halt its slide.
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