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

Sep 18

Lauren Taylor Anchor

By Lauren Taylor (Anchor), Brock Koller (Senior Producer), Emma Stoltzfus (Video Editor)

Tupperware, the iconic food storage company, filed for Chapter 11 bankruptcy late Tuesday, Sept. 17. It’s a downturn for the company that was founded in 1946 by chemist Earl Tupper.

Bias Distribution Powered by Ground News™

Soon after its creation, women took on the role of Tupperware advocates, inviting others over to their homes to display the benefits of the patented air-tight containers. The popularity of these “Tupperware Parties” in the 1950s led to their creator, Brownie Wise, becoming vice president of marketing.

Download the SAN app today to stay up-to-date with Unbiased. Straight Facts™.

Point phone camera here

But changes in consumer behavior as well as increased competition have put a lid on the company’s good fortune.

“Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment,” Laurie Ann Goldman, president and CEO of Tupperware, said in a statement. “As a result, we explored numerous strategic options and determined this is the best path forward.”

Tupperware said it will seek court approval to continue operating during the bankruptcy proceedings, including paying employees, vendors and suppliers. It is also seeking court approval to begin a sale process for the business in order to “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 to $1 billion in estimated assets. The company said it holds $1 billion to $10 billion in estimated liabilities.

Last year, Tupperware announced it was shutting down its only U.S. manufacturing facility and laying off nearly 150 workers, per media reports.

Despite the bankruptcy filing, the fate of the 78-year-old company is not yet sealed.

“We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process,” Goldman said.

Tags: Bankruptcy, food

[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.