Faced with a difficult economic situation, the future of the famous Tupperware plastic and glass containers seems uncertain. What will be the fate of this iconic brand?
TL;DR
- Tupperware has announced its bankruptcy proceedings.
- The company’s financial situation is severely affected.
- The company has been weakened by the emergence of online commerce.
A giant in decline
Iconic manufacturer of plastic and glass food boxes, Tupperware is facing an alarming economic situation. After years of difficulties, the American company officially launched bankruptcy proceedings on Wednesday, September 18, 2024.
An uncertain future
According to CEO Laurie Ann Goldman, this situation is due to a “difficult macroeconomic environment”. Indeed, the company had to seek protection under the American bankruptcy law, Chapter 11. For Ms. Goldman, this step should allow Tupperware to obtain the “essential flexibility” necessary for its digital and technological transformation.
A desire for continuity
Despite the circumstances, the Orlando, Florida-based company intends to continue operations. Employees and suppliers will continue to be paid during the bankruptcy proceedings, the CEO confirmed. Documents filed in the U.S. Bankruptcy Court in Delaware value Tupperware’s assets at between $500 million and $1 billion, while liabilities are estimated at between $1 billion and $10 billion.
The challenges of the digital age
Founded in 1946, Tupperware has enjoyed meteoric success thanks to its network of representatives. However, the rise of online commerce and the use of single-use plastic have challenged its traditional model. Despite its efforts to adapt by expanding its online sales and concluding distribution agreements with chain stores, the company has not been able to stop its decline.
Related News :