Consumer
Tupperware Files for Bankruptcy as Turnaround Effort Fails
- Firm to seek court approval to facilitate sale of business
- Tupperware liabilities estimated at $1 billion to $10 billion
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Tupperware Brands Corp., whose plastic containers became synonymous with food storage, filed for bankruptcy following a years-long struggle with sales declines and growing competition.
The 80-year-old company filed for Chapter 11 protection in Delaware, where it said it will seek court approval to facilitate a sale process of the business as it keeps operating. The filing, which Bloomberg News reported on Monday was imminent, follows protracted negotiations between the company and its lenders over how to manage more than $700 million of loans.