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, was 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.
The bankruptcy preparations follow protracted negotiations between Tupperware and its lenders over how to manage more than $700 million (R12 billion) in debt. The lenders agreed this year to give it some breathing room on the violated loan terms, but the company continued to deteriorate.
The plans arent final and could change. A representative for Tupperware declined to comment.
Tupperware has, for years, warned of doubt in its ability to stay in business. In June, it made plans to shutter its only US factory and lay off almost 150 employees. Last year, it replaced CEO Miguel Fernandez and several board members as part of an effort to turn the business around, appointing Laurie Ann Goldman as the new CEO.
