Tupperware party’s over as company files for bankruptcy

The maker of Tupperware has filed for bankruptcy as it battles to survive.
Tupperware Brands, which shot to prominence in the 1960s and 70s with its “Tupperware parties”, is seeking court permission to start a sale of the business while it continues to operate.
The company has struggled since a short-lived boost during the pandemic, when an increase in home cooking drove demand for its airtight plastic containers. Despite attempts to freshen up its products in recent years and reposition itself to a younger audience, it has failed to stand out from competitors.
Sales have fallen and a post-pandemic jump in the costs of raw materials such as plastic resin, labour and freight has hit its margins.
Laurie Goldman, chief executive, said: “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.”
The company listed $500 million to $1 billion in estimated assets and $1 billion to $10 billion in estimated liabilities, according to the bankruptcy filings, which showed that it had between 50,001 and 100,000 creditors.
In 2023 the company said that higher interest rates had pushed up the cost of its borrowings. This resulted in it agreeing to a restructuring of its debts with lenders. The company also hired the investment bank Moelis & Co to help explore strategic alternatives.
The company was founded by Earl Tupper in Massachusetts in 1946. Tupperware became famous for its lines of innovative products including kitchen gadgets, storage containers, crockery and other tools for the kitchen and home.
It was sold through a network of housewives who invited their friends to try it out. In the early days, this began with a strategy called “carrot calling”, in which one of the saleswomen would challenge her neighbours to store one carrot in an airtight Tupperware box and another in their usual container and see which lasted longest. In those days it was rarely a contest.