The Tupperware company, which gives its name to the plastic containers, is preparing to file for bankruptcy, once again. The company has been in danger for a few years now and this is not the first time it has been heard on the verge of bankruptcy.
Tupperware is set to file for protection from its creditors this week in court, Bloomberg reports. In a bad position for several years already, creditors had given the company additional leeway at the beginning of the year. The change of CEO last October did not help either. Today, the company is no longer able to repay its debts. Tupperware’s debt is said to amount to $700 million, according to Bloomberg. At the end of 2022, the company’s debt ratio represented almost five times its gross operating profit. The reason behind this underperformance is said to be the company’s sales strategy. This has long been based on pyramid sales at home and has not been able to evolve with the times and digital marketing. In Belgium, Tupperware has a factory in Aalst, employing 240 people, including 10 in the marketing department.
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