Current:Home > ScamsIconic Tupperware Brands seeks Chapter 11 bankruptcy -Wealth Evolution Experts
Iconic Tupperware Brands seeks Chapter 11 bankruptcy
View
Date:2025-04-16 00:05:34
Tupperware Brands, the company that revolutionized food storage decades ago, has filed for Chapter 11 bankruptcy protection.
The company plans to continue operating and will seek court approval for a sale, it said just before midnight on Tuesday.
The company is seeking bankruptcy protection amid growing struggles to revitalize its business. Tupperware sales growth improved during the early days of the COVID-19 pandemic, but overall sales have been in steady decline since 2018 due to rising competition. And financial troubles have continued to pile up for the Orlando, Florida, company.
Doubts around Tupperware’s future have floated around for some time. Last year, the company sought additional financing as it warned investors about its ability to stay in business and its risk of being delisted from the New York Stock Exchange.
Shares have fallen 75% this year and closed Tuesday at about 50 cents apiece.
Tupperware experienced explosive growth in the mid 20th century with the rise of Tupperware parties, first held in 1948. Tupperware parties gave many women a chance to run their own businesses out of their homes, selling the products within social circles.
The system worked so well Tupperware removed its products from stores three years later. Social changes, namely fewer dinners made from scratch and more nights spent dining out, took a toll Tupperware sales.
veryGood! (43154)
Related
- Meta donates $1 million to Trump’s inauguration fund
- A ‘Rights of Nature’ Tribunal Puts the Mountain Valley Pipeline on Trial
- What College World Series games are on Saturday?
- Residents, communities preparing for heat wave that will envelop Midwest, Northeast next week
- Eva Mendes Shares Message of Gratitude to Olympics for Keeping Her and Ryan Gosling's Kids Private
- Judge issues ruling in bankruptcy case of Deion Sanders' son Shilo
- Nashville police officer fired, arrested after OnlyFans appearance in uniform while on duty
- Explosions heard as Maine police deal with armed individual
- A Georgia governor’s latest work after politics: a children’s book on his cats ‘Veto’ and ‘Bill’
- Shooting in Detroit suburb leaves ‘numerous wounded victims,’ authorities say
Ranking
- The Best Stocking Stuffers Under $25
- Supporters say China's Sophia Huang Xueqin, #MeToo journalist and activist, sentenced to jail for subversion
- Rob Lowe Shares How He and Son John Owen Have Bonded Over Sobriety
- Judge rejects religious leaders’ challenge of Missouri abortion ban
- Meet 11-year-old skateboarder Zheng Haohao, the youngest Olympian competing in Paris
- Can the Greater Sage-Grouse Be Kept Off the Endangered Species List?
- U.S. sanctions Israeli group for damaging humanitarian aid to Palestinian civilians
- R.E.M. discusses band's breakup, friendship and Songwriters Hall of Fame honor
Recommendation
NCAA President Charlie Baker would be 'shocked' if women's tournament revenue units isn't passed
Edmonton Oilers are searching for answers down 3-0 in the Stanley Cup Final
Decomposed remains of an infant found in Kentucky are likely missing 8-month-old girl, police say
Malfunctioning steam room sets off alarm, prompts evacuation at Rhode Island YMCA
US auto safety agency seeks information from Tesla on fatal Cybertruck crash and fire in Texas
Euro 2024 highlights: Germany crushes Scotland in tournament opener. See all the goals
Arrests of 8 with suspected ISIS ties in U.S. renew concern of terror attack
Move over, Taylor Swift and Travis Kelce − TikTok is obsessed with this tall couple now