US brand Tupperware has filed for bankruptcy as it struggles to survive amid falling sales.
The food container maker said it will seek court approval to begin selling the business and aims to continue operating.
This 78-year-old American company has become so synonymous with food storage that many people use the company name when referring to any old plastic container.
Despite efforts to refresh its products in recent years and reposition itself towards a younger audience, the company has yet to stand out from its competitors.
Last year, the company warned that it could go bankrupt if it could not quickly raise new capital.
Shares of the company have fallen more than 50% this week following reports that the company is planning to file for bankruptcy.
After a brief spike in sales during the pandemic, as more people cooked at home, the company saw demand continue to decline.
Rising raw material costs, higher wages and shipping costs also reduce profit margins.
“Over the past several years, the company’s financial performance has been severely impacted by the challenging macroeconomic environment,” Tupperware CEO Laurie Ann Goldman said in a statement. a statement to investors.
Tupperware was founded in 1946 by Earl Tupper, who patented the flexible airtight seal of the containers.
Tupperware was a huge improvement because it used new plastics to keep food fresher for longer, which was incredibly helpful when refrigerators were still too expensive for many families.
However, this success did not come immediately.
That is Pioneer Saleswoman Brownie Wise who helped turn this brand into a household name in the truest sense of the word.
She developed a method in which sales people, mostly women, would sell Tupperware to other women in their homes, or “Tupperware parties.”
According to the company, Tupperware is currently sold in 70 countries worldwide.
