Tupperware Brands, the company that revolutionized food storage decades ago, has filed for Chapter 11 bankruptcy protection.
Orlando, Florida-based Tupperware plans to continue operating during the bankruptcy proceedings and will seek court approval for a sale, "in order to protect its iconic brand," the company said just before midnight on Tuesday.
The company is seeking bankruptcy protection amid growing struggles to revitalize its business. Tupperware sales growth improved some during the early days of the COVID-19 pandemic, but overall sales have been in steady decline since 2018 due to rising competition. And financial troubles have continued to pile up for the company.
Doubts around Tupperware's future have floated around for some time. Last year, the company sought additional financing as it warned investors about its ability to stay in business and its risk of being delisted from the New York Stock Exchange.
The company received an additional non-compliance notice from the NYSE for failing to file its annual results with the Securities and Exchange Commission earlier this year. And Tupperware had continued to warn about its ability to stay afloat in more recent months, with an August securities filing pointing to 'significant liquidity challenges."
