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Tupperware Manufacturers Company has filed for chapter, simply months after the long-lasting American meals storage container maker shuttered its final remaining plant within the U.S. amid monetary woes.
The corporate formally introduced its voluntary determination to provoke Chapter 11 proceedings within the U.S. Chapter Court docket for the District of Delaware on Tuesday.
The corporate listed $500 million-$1 billion in estimated property and $1 billion-$10 billion in estimated liabilities, in line with chapter filings, which confirmed the variety of collectors to be between 50,001-100,000.
“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,” Laurie Ann Goldman, president and CEO of Tupperware, stated in an announcement.
BIG LOTS FILES FOR BANKRUPTCY, WILL CLOSE SOME STORES AMID SALE TO INVESTMENT FIRM
Tupperware merchandise on a shelf. (Chris Weeks/WireImage for Silver Spoon/by way of Getty Photos / Getty Photos)
She continued, “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.”
Tupperware, based in 1946 by chemist Earl Tupper, is asking the courtroom to permit continued operations by gross sales consultants and retail companions, in addition to on-line, in line with a press launch.
ANOTHER RESTAURANT CHAIN FILES FOR CHAPTER 11 BANKRUPTCY
The corporate, primarily based in Orlando, Florida, has confronted a sequence of struggles in recent times.
In 2020, the corporate initiated a turnaround plan and ever since has been making an attempt to execute targets together with bettering profitability, strengthening its steadiness sheet and restructuring its debt.
Nevertheless, in a Securities and Change Fee submitting in April 2023, Tupperware stated that “[t]he Company has concluded that there is substantial doubt about its ability to continue as a going concern for at least one year from the expected issuance date of its Form 10-K financial statements.”
Ticker Safety Final Change Change % TUP TUPPERWARE BRANDS CORP. 0.49 -0.69
-58.69%
Tupperware Manufacturers Corp.
Then in June, Tupperware introduced it might completely shut its facility in Hemingway, South Carolina, shedding 148 individuals.
The discover stated layoffs would start in September, with remaining closure of the plant set for January 2025.
LL FLOORING, HARDWARE STORE ONCE KNOWN AS LUMBER LIQUIDATORS, TO CLOSE ALL 400 STORES IN BANKRUPTCY PROCEEDING
Tupperware merchandise are provided on the market at a retail retailer on April 10, 2023 in Chicago. (Scott Olson/Getty Photos / Getty Photos)
Tupperware stated in an announcement on the time that it bought the Hemingway plant final 12 months and plans to transition operations to Lerma, Mexico, noting that almost all of its merchandise bought within the U.S. and Canada are already made at that plant.
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Tupperware appointed Goldman as CEO in October 2023.
The corporate’s recognition exploded within the Fifties as ladies of the post-war era held “Tupperware parties” at their properties to promote meals storage containers as they sought empowerment and independence.
FOX Enterprise’ Ailslinn Murphy, Daniella Genovese and Reuters contributed to this report.
