Tupperware on the verge of bankruptcy?

Tupperware would seek protection from its creditors this week. Conditionally, because the kitchen equipment manufacturer has been on the verge of bankruptcy for three years.

Third consecutive year

Tupperware’s plastic jars are no longer enough to pay off its $700 million debt pile. The iconic brand is reportedly unable to repay its debts and is seeking protection from its creditors, Bloomberg has learned from insiders.

However, the plans are not yet final. Indeed, this is the third year in a row that the plastic dinnerware maker has been declared in imminent death, but the home-selling pioneer, with its famous Tupperware parties, appointed a new CEO last year and enjoyed a temporary resurgence when mimicking investors (briefly) sent its shares soaring.

Creditors agreed to a debt restructuring earlier this year, but this proved insufficient due to rising interest rates and the cost of raw materials. In June, the company decided to close its only factory in the United States. Tupperware still has a Belgian factory in Aalst, which employs 240 people. It also has a local marketing department that employs about a dozen people.