In September this year, Tupperware Brands filed for bankruptcy in a Delaware court as demand fell, losses mounted, the stock slumped and debt rose.
Tupperware revolutionized food and kitchen storage in the latter half of the 20th century and became a household name. The company adopted a direct-selling business model, in which independent consultants, the majority of whom were women, sold to customers at house parties. This was unique at the time and took off in the U.S., eventually becoming popular in the rest of the world.
On Oct. 22, the company agreed to sell its business to a group of lenders for $23.5 million in cash and over $63 million in debt relief. A week later, the court approved the sale of Tupperware Brands.
Tupperware Brands was listed on the New York Stock Exchange in 1996 and its stock rose to a peak in late-2013. After a marked decline just before the pandemic, sales revenue and the share price briefly rose as people turned to Tupperware boxes to store food during lockdowns. However, as the world started opening up, people turned away from Tupperware and sales fell, as did the stock.
Read more at Reuters.com
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