Tupperware, 78-year-old iconic food storage brand, files for bankruptcy

[LAUREN TAYLOR]

IT’S LOOKING LIKE THE PARTY’S OVER AT TUPPERWARE WITH THE ICONIC FOOD STORAGE COMPANY FILING FOR CHAPTER 11 BANKRUPTCY LATE TUESDAY.

[SPEAKER]

“This is Tupperware. The airtight plastic containers that keep good foods fresher longer.”

[LAUREN TAYLOR]

IT WAS IN 1946 THAT CHEMIST EARL TUPPER FOUNDED HIS NAMESAKE BRAND – WITH WOMEN TAKING ON THE ROLE OF TUPPERWARE ADVOCATES – INVITING OTHERS OVER THEIR HOMES TO DISPLAY THE BENEFITS OF ITS PATENTED AIR-TIGHT CONTAINERS.

THE POPULARITY OF THESE “TUPPERWARE PARTIES” IN THE 1950S LED THEIR CREATOR – BROWNIE WISE – TO BEING NAMED VICE PRESIDENT OF MARKETING.

[BONNIE WISE]

“The one way to buy Tupperware is a fun way at Tupperware home party where you can see it demonstrated and order the Tupperware you need in fresh sun, sea and sky colors.”

[LAUREN TAYLOR]

BUT CHANGES IN CONSUMER BEHAVIOR AS WELL AS INCREASED COMPETITION HAVE PUT A LID ON THE COMPANY’S GOOD FORTUNE.

LAURIE ANN GOLDMAN – THE PRESIDENT AND CEO OF TUPPERWARE – EXPLAINING IN A STATEMENT

“Over the last several years, the Company’s financial position has been severely impacted by the challenging macroeconomic environment. As a result, we explored numerous strategic options and determined this is the best path forward.”

TUPPERWARE SAYS IT WILL SEEK COURT APPROVAL TO CONTINUE OPERATING DURING THE BANKRUPTCY PROCEEDINGS — INCLUDING PAYING EMPLOYEES, VENDORS AND SUPPLIERS.

IT ALSO IS SEEKING COURT APPROVAL TO BEGIN A SALE PROCESS FOR THE BUSINESS IN ORDER TO QUOTE “PROTECT ITS ICONIC BRAND AND FURTHER ADVANCE TUPPERWARE’S TRANSFORMATION INTO A DIGITAL-FIRST, TECHNOLOGY-LED COMPANY.”

ACCORDING TO BANKRUPTCY FILINGS — TUPPERWARE LISTED 500 MILLION DOLLARS TO 1 BILLION DOLLARS IN ESTIMATED ASSETS AND 1 BILLION DOLLARS TO 10 BILLION DOLLARS IN ESTIMATED LIABILITIES.

LAST YEAR – TUPPERWARE ANNOUNCED IT WAS SHUTTING DOWN ITS ONLY US MANUFACTURING FACILITY – LAYING OFF NEARLY 150 WORKERS, PER MEDIA REPORTS.

DESPITE THE BANKRUPTCY FILING, THE FATE OF THE 78-YEAR-OLD COMPANY IS NOT YET SEALED – WITH GOLDMAN SAYING, “WE PLAN TO CONTINUE SERVING OUR VALUED CUSTOMERS WITH THE HIGH-QUALITY PRODUCTS THEY LOVE AND TRUST THROUGHOUT THIS PROCESS.”

TO GET OUR LATEST STORIES DOWNLOAD THE STRAIGHT ARROW NEWS APP.

FOR STRAIGHT ARROW NEWS, I’M LAUREN TAYLOR.