Tupperware files for bankruptcy

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d_marsh

d_marsh

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Iconic company files for bankruptcy​



September 18, 2024 Timothy Frudd

Tupperware Brand Corporation, an iconic food storage container company, announced on Tuesday that it was filing for bankruptcy.
In a Tuesday press release, Tupperware Brand Corporation revealed it had voluntarily decided to initiate Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the District of Delaware.

According to Tuesday’s press release, the iconic company is seeking court approval to continue operations during the bankruptcy process while continuing to provide customers with products online, through sales consultants, and through the company’s retail partners. The company is also expected to ask for court approval to “facilitate a sale process for the business in order to protect its iconic brand and further advance Tupperware’s transformation into a digital-first, technology-led company.”
Tupperware Brand Corporation explained that following the appointment of a new management team, the company has implemented changes to modernize the business, increase growth, and improve “omnichannel capabilities.”
“Whether you are a dedicated member of our Tupperware team, sell, cook with, or simply love our Tupperware products, you are a part of our Tupperware family,” Tupperware Brand Corporation CEO Laurie Ann Goldman said. “We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process.”

Goldman explained that the company has faced a “challenging macroeconomic environment” over the past several years, which has led to the company’s current financial position. Goldman added, “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.”
According to bankruptcy filings obtained by Fox Business, Tupperware Brand Corporation listed between $500 million and $1 billion in assets and between $1 billion and $10 billion in liabilities, along with between 50,000 and 100,000 creditors.
Fox Business reported that Tupperware Brand Corporation, which was founded in 1946 by chemist Earl Tupper, achieved massive success in the 1950s as women held “Tupperware parties” to sell the iconic brand’s food storage containers in an effort to remain independent after World War II.

Facing struggles over the past several years, the company implemented changes in 2020 to reach new goals, such as increasing the company’s profitability and restructuring the company’s debt, according to Fox Business. Despite the changes, a Securities and Exchange Commission filing from April of 2023 obtained by Fox Business revealed that “[t]he Company has concluded that there is substantial doubt about its ability to continue as a going concern for at least one year from the expected issuance date of its Form 10-K financial statements.”


https://americanmilitarynews.com/2024/09/iconic-company-files-for-bankruptcy/
 
We have several Tupperware products that we use every day. Sad. A company with really good products that has a really poor Marketing strategy. I have worked for two companies like that. Do they still sell heir products through home shows? I bet if they sold their top products in retail outlets they could turn things around.
 
I am betting that cheap Chinese rip offs using questionable and possible dangerous materials has led to this.

I have a Tupperware strainer that my pops and his wife got as a wedding gift. A weird color but rock solid and works perfectly. Been used thousands of times. Chinese crap is cheaper but it's trash in 6-12 months.
 
d_marsh said:

Iconic company files for bankruptcy​

September 18, 2024 Timothy Frudd
Tupperware Brand Corporation, an iconic food storage container company, announced on Tuesday that it was filing for bankruptcy.
In a So, he quit trying. This was 2 weeks after she died. Now, they are sending us her bills since we did an address change. I paid them for the time she was alive plus the 2 weeks that the grandson tried to cancel. Nope, they want almost 3 months after the fact as well. Well, that ain't happenin. I'm not sure what I'm gonna do, but I'm not paying that $180 for a phone that was supposed to be cancelled. I might just send the bills back.....return to sender......addressee is deceased. I highly doubt they will go after the 'estate' for that amount of money. But, I guess they can pay their lawyers to come after us if they want to.....which would be really stupid since there really isn't an estate. press release, Tupperware Brand Corporation revealed it had voluntarily decided to initiate Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the District of Delaware.

According to Tuesday’s press release, the iconic company is seeking court approval to continue operations during the bankruptcy process while continuing to provide customers with products online, through sales consultants, and through the company’s retail partners. The company is also expected to ask for court approval to “facilitate a sale process for the business in order to protect its iconic brand and further advance Tupperware’s transformation into a digital-first, technology-led company.”
Tupperware Brand Corporation explained that following the appointment of a new management team, the company has implemented changes to modernize the business, increase growth, and improve “omnichannel capabilities.”
“Whether you are a dedicated member of our Tupperware team, sell, cook with, or simply love our Tupperware products, you are a part of our Tupperware family,” Tupperware Brand Corporation CEO Laurie Ann Goldman said. “We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process.”

Goldman explained that the company has faced a “challenging macroeconomic environment” over the past several years, which has led to the company’s current financial position. Goldman added, “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.”
According to bankruptcy filings obtained by Fox Business, Tupperware Brand Corporation listed between $500 million and $1 billion in assets and between $1 billion and $10 billion in liabilities, along with between 50,000 and 100,000 creditors.
Fox Business reported that Tupperware Brand Corporation, which was founded in 1946 by chemist Earl Tupper, achieved massive success in the 1950s as women held “Tupperware parties” to sell the iconic brand’s food storage containers in an effort to remain independent after World War II.

Facing struggles over the past several years, the company implemented changes in 2020 to reach new goals, such as increasing the company’s profitability and restructuring the company’s debt, according to Fox Business. Despite the hanges, a Securities and Exchange Commission filing from April of 2023 obtained by Fox Business revealed that “[t]he Company has concluded that there is substantial doubt about its ability to continue as a going concern for at least one year from the expected issuance date of its Form 10-K financial statements.”


https://americanmilitarynews.com/2024/09/iconic-company-files-for-bankruptcy/
Click to expand...
Long overdue. I have always hated them. :mad:
Screamed at continuously: "Don't put them in the microwave, it ruins them!!!:(".
Of course, being a guy, I would forget. I still remember all the spankings I got. :cry:
"You ruined it!!! I will have to wait until there is another party before I can get a replacement!:waiting:"
There is an abundance of cheap, (read: disposable, and husband-proof) equivalents available in every store today.
It's about time Tupperware followed the black&white TV set (which they were advertised on), into history.:)
 
I hate to lose another company like Tupperware but they'll be back after restructuring. There are just so many alternatives now, like the Betty Crocker containers or Rubbermaid containers, that buying Tupperware doesn't make a whole hell of a lot of sense any more. And when a company isn't competitive anymore, well...this is what happens.
 
Spikedriver said:
I hate to lose another company like Tupperware but they'll be back after restructuring. There are just so many alternatives now, like the Betty Crocker containers or Rubbermaid containers, that buying Tupperware doesn't make a whole hell of a lot of sense any more. And when a company isn't competitive anymore, well...this is what happens.
Click to expand...
LadyLocust said:
When did they start up? Thing is most folks like disposable. You still have to wash Tupperware.
Click to expand...
When they started up, they had a monopoly and did for the decade that followed, likely due to a patent.
If you wanted something plastic to put leftovers in the fridge with, you had only one choice, and you needed to attend a party to get it.
Times change.
You wanna buy a good black & white TV? :dunno:
 
When Mom dies I’ll snag my share of her Tupperware. Some of it comes from the 1950”s. I

f you want good Tupperware, grab it now. Once it is bought out the new owners will take the name and replace the product with the cheap plastic.
 
I spoke Saturday with a long time rep. I had asked her about replacement parts when I heard that the building in the US where the replacements came from had been sold. Recent news was that they were relocating to Mexico. She said no worries, and that replacements were very easy, just contact Tupperware.com. and generally, just a screen shot was all that was required. Now, obviously, the story has changed. I am going to try to get those damaged parts replaced as soon as possible and not put it off any more.
 
Haertig said:
If everyone would just mail them our containers with missing lids and lids with missing containers, they'd have enough to piece together an inventory they could sell to get out of bankruptcy.
Click to expand...
I never understood why they couldn't get on the "compatibility" train.
Every container had a slightly different lid, some less than 1/4" difference in diameter. :mad:
 
Supervisor42 said:
I never understood why they couldn't get on the "compatibility" train.
Every container had a slightly different lid, some less than 1/4" difference in diameter. :mad:
Click to expand...
That would be good for customers. But not so good for their replacement parts sales. I'll bet planned incompatibility was a consciously made decision from an era when companies could get away with this.
 
Supervisor42 said:
I never understood why they couldn't get on the "compatibility" train.
Every container had a slightly different lid, some less than 1/4" difference in diameter. :mad:
Click to expand...
First it started with patent infringement. By the time the patent expired the new companies were set up with their own designs and patents.
 
I have Tupperware that is forty years old.
 
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