Orlando, Fla. — Tupperware Brands Corporation (NYSE: TUP) announced on September 17, 2024, that it has voluntarily initiated Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the District of Delaware. This move comes as the iconic brand seeks to navigate financial challenges while continuing to serve its customers.
The company plans to seek court approval to maintain its operations during this process, ensuring that its award-winning products remain available through Tupperware sales consultants, retail partners, and online platforms. Tupperware will also request court authorization to facilitate a sale process for the business, aimed at preserving its brand and advancing its transformation into a digital-first, technology-led company.
Tupperware’s recent management team has implemented a strategic plan focused on modernizing operations, enhancing omnichannel capabilities, and improving efficiencies to drive growth. The company has made notable progress in these areas and is committed to continuing its transformation efforts.
Laurie Ann Goldman, President and CEO of Tupperware, emphasized the importance of the company’s community, stating, “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. We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process.”
Goldman acknowledged that the company’s financial struggles have been exacerbated by a 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,” she added.
Tupperware remains focused on its mission to adapt and thrive in a rapidly changing market while prioritizing its loyal customer base.
