Tupperware

The lenders now poised to acquire Tupperware include Alden Global Capital, Stonehill Institutional Partners and a trading desk of Bank of America

Tupperware entered the scene in India in the late nineties and quickly infiltrated the urban kitchen

The company, which started in the US in the early 1940s and later set foot in India almost 30 years ago, has seen its sales slowly dwindle, and in FY23, its bottom line was in the red

Lenders urged Tupperware to avoid bankruptcy and accept a simple foreclosure instead, court documents show

The company behind Tupperware, the plastic kitchenware that revolutionized food storage after World War II and became inextricably linked to the parties where women seeking a measure of financial independence and fun in midcentury America sold the colorful products, has filed for bankruptcy. Tupperware Brands, the Orlando, Florida-based consumer goods company that produces the iconic line of containers, said it was seeking Chapter 11 bankruptcy protection after struggling to revitalize its core business and failing to secure a tenable takeover offer. Despite enjoying the same cultural ubiquity as Kleenex, Teflon and other brands whose trademarked names are eponymous with entire product categories, Tupperware has suffered from waning sales, rising competition and the limitations of the direct-to-consumer marketing model that once defined its success. The company said Tuesday in its bankruptcy filing that consumers shifting away from direct sales, which make up the vast majority of it

The company listed $500 million-$1 billion in estimated assets and $1 billion-$10 billion in estimated liabilities

Tupperware has drawn up aggressive expansion plans, including setting up of 1,000 retail stores across the country over the next five years, besides tapping sales through digital platform.

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