Our desi mommies’ favourite food storage container brand, Tupperware, filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware on September 17, citing declining demand and ballooning losses.
The colourful boxes that brighten our kitchen cabinets listed estimated assets of $500 million to $1 billion and estimated liabilities of $1 billion to $10 billion in its bankruptcy filings.
During the pandemic, the sale of the containers did get some boost when home cooking was recommended and suggested.
“Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment,” Chief Executive Officer Laurie Goldman said in a press release.
According to reports, Tupperware had been negotiating over its $700 million debt with lenders before opting for bankruptcy protection. The company breached the terms of its debt, prompting the decision to file for Chapter 11.
The Birth of Tupperware
Founded by Earl Tupper in 1946, Tupperware invented the patented airtight seal, which revolutionised household storage—the brand flooded American homes through its signature sales parties.
And it was not just America; in India, too, Tupperware was a must-have household commodity.
