Tupperware Brands Plans to File for Bankruptcy
- Plans follow waning demand, struggles with debt load
- Company in June closed its only US factory, laid off employees
Tupperware in 1946 introduced its plastic products to the public after founder Earl Tupper invented their flexible airtight seal.
Photographer: Scott Olson/Getty Images
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Tupperware Brands is preparing to file for bankruptcy as soon as this week, according to people with knowledge of the plans, following a years-long effort to revive the business amid waning demand.
The home-goods brand, which has for much of a century defined food storage, is planning to enter court protection after it breached the terms of its debt and enlisted legal and financial advisers, said the people, who requested anonymity to discuss confidential information.