SUMMARY
Tupperware Brands announced that the company has initiated Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware. Poor financial performance over the past few years resulted in the company to determine that filing for bankruptcy was the best path for the business.
Shares of the company have declined by nearly 74% since the beginning of the year. The stock has lost over 76% in the past year.
Tupperware, a subsidiary of Tupperware Brands, was founded in 1946. The company is a renowned company that designs and manufactures containers for home and kitchen use. Despite being a popular brand in the space, it was impacted significantly due to the COVID-19 pandemic.
Although the company made several efforts to regain ground, its finances and sales were unable to pick up. In June 2024, the company announced that it would close its South Carolina manufacturing facility. In the next month, the company’s chief financial officer Mariela Matute announced her official resignation from the company.
