Tupperware Brands Corporation files for bankruptcy, will keep operating during proceedings

Tupperware Brands Corporation has "voluntarily initiated Chapter 11 proceedings" in the United States Bankruptcy Court for the District of Delaware, the company announced on Wednesday.

Tupperware said it is seeking court approval to "continue operating during the proceedings and remains focused on providing its customers with its award-winning, innovative products through Tupperware sales consultants, retail partners and online."

The company is also seeking court approval to "facilitate a sale process for the business in order to protect its iconic brand and further advance Tupperware's transformation into a digital-first, technology-led company."

Tupperware, which gained popularity in the 1950s when women began to organize Tupperware parties, struggled during the COVID-19 pandemic when the price of the materials the company uses in its products had skyrocketed. 

"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," said Laurie Ann Goldman, President and Chief Executive Officer of Tupperware. 

"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," she added.