The American maker of the ubiquitous plastic containers – Tupperware – has filed for bankruptcy, with sliding sales and declining profit margins putting the future of the company at risk.
The 78-year-old firm founded by Earl Tupper has been struggling to keep up with competitors, while rising material costs ate into its profits.
The company, Tupperware Brands, will continue to operate during bankruptcy proceedings, where it will aim to sell the business.
The brand’s namesake product was once so popular that its name has been used to refer to any type of sealable plastic container, regardless of its actual maker.
In a statement to investors, Tupperware CEO Laurie Ann Goldman said: “Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment.”
Tupperware’s flexible airtight seal was patented in 1946, at a time when refrigerators were not as common as they are nowadays, making it a useful product to keep food fresh for longer.
Tupperware is also famous for the innovative direct sales approach it adopted, which was first popularised by Brownie Wise. The approach relied on salespeople, mostly women, hosting what became known as Tupperware parties in their own homes – a method subsequently adopted to sell many other kitchenware products.
Poundland bought for £1 in rescue deal as thousands of UK jobs on the line
Poundland has more than 800 stores around the UK and employs some 16,000 people
Corinthia expands Beverly Hills footprint with third property acquisition and new US partnership
The partnership secured rights to acquire a third prime property; an office block adjacent to the Maison and Mosaic Hotels
EU adds Monaco and Venezuela to money laundering blacklist
The United Arab Emirates and Gibraltar were removed from the list