Tupperware will seek court clearance to continue operations during the proceedings and will continue to provide award-winning, innovative products to customers via Tupperware sales consultants, retail partners, and online
Fremont, CA: A well-known international brand, Tupperware Brands Corporation ("Tupperware" or the "Company") (NYSE: TUP), said today that it and a few of its subsidiaries have deliberately filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware (the "Court"). Tupperware will seek court clearance to continue operations during the proceedings and will continue to provide award-winning, innovative products to customers via Tupperware sales consultants, retail partners, and online. The company will also seek Court approval to expedite the sale of the business in order to protect its famous brand and accelerate Tupperware's transformation into a digital-first, technology-led company.
"Whether you are a dedicated member of our Tupperware team, sell, cook with, or simply love our Tupperware products, you are a part of our Tupperware family. We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process," said Laurie Ann Goldman, President and Chief Executive Officer of Tupperware.
Following the hiring of a new management team within the last year, Tupperware has adopted a strategic plan to modernize its operations, strengthen omnichannel capabilities, and drive efficiency to fuel growth. The company has made tremendous progress and plans to continue this crucial transformation work.
"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. This process is meant to provide us with essential flexibility as we pursue strategic alternatives to support our transformation into a digital-first, technology-led company better positioned to serve our stakeholders," added Goldman.
