After years of difficulties during which Tupperware’s debts increased to huge numbers and “an old operating model” was adopted, the agreement represents a new phase for the famous brand, according to what the company said in a statement on Tuesday.
The statement referred to “a preliminary agreement with a group of Tupperware’s secured creditors, including Stonehill Capital Management Partners and Alden Global Capital.”
Under this agreement, the Orlando-based group pledges to sell to creditors intellectual property “essential to Tupperware’s innovation and commercialization,” as well as certain assets in Tupperware. US And in other foreign branches of the company.
The statement indicated that customers will be able to continue purchasing Tupperware products through consultants, the company’s e-commerce sites, and partners in major global markets.
The process is expected to be completed by the end of the month. It will lead to the end of Tupperware’s activities in markets that are considered non-essential.
The statement quoted CEO Lori Anne Goldman as saying, “Livesting parts of the company will be a difficult but necessary decision to protect Tupperware’s future.”
The company announcedTupperware“It went bankrupt in mid-September.
The documents submitted to the US Bankruptcy Court in the state showed Delaware Tupperware estimated its assets at between $500 million and $1 billion, and its liabilities (stocks and debt) at between $1 billion and ten billion dollars.