Tupperware Brands Plans to File for Bankruptcy
The company has been struggling with declining sales and competition.
Tupperware Brands, the iconic maker of plastic storage containers, is planning to file for bankruptcy, Bloomberg News reported on Monday.
The company has been struggling with declining sales and competition from cheaper rivals. Tupperware's sales have fallen by more than half since 2014, and the company has lost market share to competitors such as Rubbermaid and Sistema.
Tupperware has been trying to turn its business around in recent years.
The company has launched new products, such as its Modware line of kitchenware, and has expanded into new markets, such as China.
However, these efforts have not been enough to offset the decline in sales. Tupperware's debt has also been increasing, and the company is now facing a deadline to pay down some of its loans.
The bankruptcy filing will allow Tupperware to restructure its debt and operations.
The company said in a statement that it plans to continue operating its business during the bankruptcy process.
However, it is unclear what the future holds for Tupperware. The bankruptcy filing could lead to the sale of the company or the closing of some of its operations.
Here are some of the key things to know about Tupperware's bankruptcy filing:
*- Tupperware is planning to file for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code.
- The company will continue to operate its business during the bankruptcy process.
- Tupperware has been struggling with declining sales and competition from cheaper rivals.
- The bankruptcy filing will allow Tupperware to restructure its debt and operations.
- It is unclear what the future holds for Tupperware.
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