American meals storage container maker Tupperware and a few of its subsidiaries have filed for chapter in the USA attributable to mounting losses.
The troubled firm stated it might search court docket permission to start out a sale of the enterprise and deliberate to proceed working throughout the chapter proceedings.
Final yr, the 78-year-old firm warned it might go bankrupt if it did not increase new capital rapidly.
Tupperware has been attempting to reposition itself to draw youthful prospects because it faces declining gross sales.
“We plan to proceed to supply our valued prospects with the high-quality merchandise they love and belief all through this course of,” stated Laurie Ann Goldman, the corporate’s CEO. Assertion to buyers.
The corporate’s shares have fallen greater than 50% this week following reviews that the corporate plans to file for chapter.
Tupperware has struggled for years to stem declining gross sales of its merchandise within the face of cheaper competitors.
After a short surge in gross sales throughout the pandemic, the corporate has seen demand proceed to say no as extra individuals cook dinner at house.
Rising uncooked materials prices, wages and transportation prices have additionally eroded its revenue margins.
Tupperware has dominated its marketplace for years and has turn into synonymous with meals storage containers, a lot in order that many individuals use its identify when referring to any plastic container.
The corporate was based in 1946 by Earl Tupper, who patented a versatile hermetic seal for containers.
It grew to become extensively identified within the Fifties and Sixties, when individuals held “Tupperware events” at house and offered plastic containers to mates and neighbors.
