Tupperware Brands will file for bankruptcy later this week, according to a Bloomberg News report. This news follows protracted negotiations between the legacy brand and its lenders regarding how to manage the company’s more than $700 million in debt.
The company’s shares were down 15.8% yesterday after the bell, and down 57% at closing. According to the report, Tupperware plans to enter court protection.
The company, founded in 1946, announced it had entered into a forbearance agreement with its lenders in February of this year and a month later stated concerns about its ability to continue.
