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The historic household goods brand Tupperware has filed for bankruptcy in the United States.
Orlando-based Tupperware Brands Corporation said filing for bankruptcy was the “best path forward” after exploring “numerous strategic options” to stay afloat despite debts of more than $700 million.
The company, famous for its airtight storage containers used by the late Queen Elizabeth II to store breakfast cereal, was founded in 1946 by Earl Tupper in Leominster, Massachusetts.
He developed plastic containers for use in homes to hold food and keep it airtight, which featured a then-patented “anti-burp seal.”
In June, the company announced it would lay off 150 workers from a U.S. factory and move to Mexico to take advantage of cheaper wages there.
Laurie Ann Goldman, Chief Executive Officer, said: “In recent years, the Company’s financial position has been severely impacted by the challenging macroeconomic environment.”
The company, which has been struggling for several months, said it was trying to secure funding from investors as it was at risk of bankruptcy. It now plans to seek approval from a US court to find a buyer who can protect the brand.
Tupperware, which enjoyed explosive growth in the mid-20th century, was best known for its Tupperware Parties, first held in 1948. These parties encouraged women to host parties and sell the products to friends and neighbors in their homes. It was popularized by saleswoman and marketer Brownie Wise, who helped develop the “party plan” marketing scheme now used by companies such as makeup brand Avon.
Today, Tupperware describes itself as a company that empowers female entrepreneurship through social selling.
But the brand struggled in the years leading up to the pandemic, when it enjoyed a brief resurgence as people stuck at home began cooking at home and saving more leftovers.
Before the pandemic resurgence, Tupperware had had negative sales growth for three consecutive years, according to FactSet.
Its model has been widely emulated by rival brands and supermarkets' own versions of food containers, often sold at cheaper prices.
“Whether you are a dedicated member of our Tupperware team, sell, cook or simply love our Tupperware products, you are part of our Tupperware family,” said Ms. Goldman.
“We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process.”
