American container and kitchenware company Tupperware hit the wall and has reportedly filed for bankruptcy. The company has been struggling for most of the recent past, and it appears that its ardent attempts to vie and turn around the situation have capsized.
Tupperware Files For Bankruptcy
Tupperware is a publically traded entity. The American company has filed for Chapter 11 bankruptcy protection.
In this, the company listed assets of between USD 500 million and USD 1 billion. In addition, it also listed liabilities between USD 1 billion and USD 10 billion.
This is major news, given the stature of the brand and the place it had occupied in the mind, memories of popular culture as a Tupperware container became a part of the larger cultural fabric of many regions.
The company, which was originally founded in 1946, resorted to bankruptcy filing in Delaware after months of negotiations between the company and its lenders.
The long negotiations were printed in the handling of more than USD 700 million in loans. The creditors agreed to give it some leeway on the debt, but the firm continued to suffer.
Tupperware Shares
The Tupperware shares, understandably, have sunk and in fact crumbled in the days leading up to the bankruptcy. Tupperware, listed as Tupperware Brands Corp. on the NYSE, dropped by a colossal 55.27 per cent or USD 0.63, in just the past 5 trading sessions.
Currently, the value of the company shares stands at a meagre USD 0.51 per share.
Netizens React
Some netizens reacted to this development. One of them, while reacting to the development on X, said, "Tupperware has filed for bankruptcy after struggling with declining sales and increasing competition for years. A major shift in the industry!"
Another user added, "Tupperware bankruptcy shows how failing to adapt to competition and changing consumer trends can harm even big brands It now needs innovation to recover."
