Tupperware Seeks Bankruptcy Protection

Tupperware Brands has filed for bankruptcy protection after years of declining demand for its food storage containers and increasing financial losses, Savyata Mishra reported for Reuters.

Despite its financial troubles, the company still holds assets valued between $500 million and $1 billion. I Photo: Phillip Pessar Flickr

Tupperware experienced a sales resurgence during the pandemic as more Americans cooked at home due to travel restrictions. However, as those restrictions eased, the company’s profit margins took a hit from rising costs related to raw materials, labor, and freight.

Additionally, the business suffered from the availability of free restaurant to-go boxes and increased competition from Newell Brands, which makes Rubbermaid, FoodSaver, and Ball jars, as well as Clorox's GladWare.

In 2023, Tupperware’s stock plummeted as the company faced doubts about its ability to continue operating, delayed its annual report, and violated credit obligations. The stock also got caught in the "meme stock" frenzy, where retail investors rallied around struggling companies with high short interest.

By September, Bloomberg News reported that Tupperware was preparing for bankruptcy. Despite its financial troubles, the company still holds assets valued between $500 million and $1 billion.