Tupperware Brands Corporation announced it has voluntarily initiated Chapter 11 proceedings. The company stated it will also seek court approval to continue operations during the proceedings and will pursue a sale process with the intention of protecting the brand.
In 2020, the company announced a Turnaround Plan that it believed would dramatically right-size its cost structure, improve cash flow from operations and refinance its debt, and in 2023, restructured its debt obligations with its lenders. In its Chapter 11 proceedings, however, the company listed $500 million-$1 billion in estimated assets and $1 billion – $10 billion in estimated liabilities.
“Whether you are a dedicated member of our Tupperware team, sell, cook with, or simply love our Tupperware products, you are a part of our Tupperware family,” said Laurie Ann Goldman, Tupperware President and Chief Executive Officer. “We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process. Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment. As a result, we explored numerous strategic options and determined this is the best path forward. This process is meant to provide us with essential flexibility as we pursue strategic alternatives to support our transformation into a digital-first, technology-led company better positioned to serve our stakeholders.”
