Tupperware Brands Corporation has reached a tentative agreement with its lenders. As part of this next chapter, the company will emerge as The New Tupperware Company.
The company wrote in a statement: “It is envisioned that The New Tupperware Company will be rebuilt with a start-up mentality using an agile methodology in dynamic phases. The initial focus will be on global core markets including the United States, Canada, Mexico, Brazil, China, Korea, India and Malaysia, and the new company intends to follow on with European and additional Asian markets.”
Prior to this exchange, the company struggled with an over-leveraged balance sheet and what it described as an “outdated operating model.” This new transaction will be structured as a private sale of all intellectual property necessary to create and market Tupperware products, as well as operating assets in the US and other foreign subsidiaries.
“Winding down parts of the company will be a difficult but necessary decision to protect the future of the Tupperware brand,” said Laurie Ann Goldman, Tupperware President and Chief Executive Officer. “I want to thank all the wonderful people that will always be a part of the Tupperware family. Change and disruption are challenging, but at times, needed to move forward.”
