Tupperware

Tupperware cancels auction, agrees to lender takeover

Bankrupt Tupperware Brands agreed on Tuesday to sell its business to a group of lenders for $23.5 million in cash and over $63 million in debt relief, canceling its plans for an open-market auction of its assets. The food storage and kitchen products company announced the deal at a bankruptcy court hearing in Wilmington, Delaware. U.S. Bankruptcy Judge Brendan Shannon said he would quickly schedule a separate court hearing to consider approval of the sale, which was likely the best result given...

September 18, 2024 3:53 PM

Tupperware files for bankruptcy as its colorful containers lose relevance

Tupperware Brands Corp and some of its subsidiaries filed for Chapter 11 bankruptcy protection on Tuesday, giving in to dwindling demand for its once-iconic food storage containers and mounting financial losses. The company's struggles resumed after a short-lived pandemic boost when increased home cooking briefly drove demand for its colorful, airtight plastic containers. A post-pandemic jump in costs of raw materials such as plastic resin, as well as labor and freight, further dented Tupperwar...