The long-time meals storage container model Tupperware has filed for Chapter 11 chapter safety amid years of economic struggles and failed makes an attempt to revitalize the enterprise.
The Orlando, Florida-based firm introduced late Tuesday night time that it plans to stay operational all through the chapter proceedings however will probably be in search of court docket approval to facilitate a sale of the corporate.
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“Over the past a number of years, the Firm’s monetary place has been severely impacted by the difficult macroeconomic setting,” Tupperware Manufacturers CEO Laurie Ann Goldman stated in an announcement. “Consequently, we explored quite a few strategic choices and decided that is one of the best path ahead. This course of is supposed to supply us with important flexibility as we pursue strategic options to help our transformation right into a digital-first, technology-led firm higher positioned to serve our stakeholders.”
Tupperware was based in 1946 by American chemist and inventor Earl Tupper in Massachusetts, and was greatest recognized for its modern, air-tight meals storage containers.
In keeping with the corporate, the primary designs did not promote properly in shops. Quickly after, Tupperware started recruiting individuals to promote the merchandise out of their houses.
Girls spearheaded the hassle, permitting them to earn an earnings in an period when many had been staying residence. And within the a long time to observe, Tupperware turned a staple in kitchens throughout the nation.
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However regardless of a slight resurgence in gross sales through the COVID-19 pandemic, Tupperware has confronted years of economic troubles amid elevated competitors and households relying extra on consuming out over cooking meals at residence.
In Tuesday’s submitting, the corporate reported that it had over $1.2 billion in debt. After reaching a excessive of about $97 per share in 2013, the Tupperware inventory value has plummeted to simply $0.51 a share as of Wednesday afternoon.
