WASHINGTON, SEPT 18 – Tupperware, a well-known manufacturer of plastic containers, has filed for bankruptcy in the United States (US) after years of financial problems, the German News Agency (dpa) reported.
Tupperware Brands Corp is looking to sell its business while continuing operations as usual. The company filed for bankruptcy under Chapter 11 protection, under US bankruptcy law.
The Orlando-based company founded in 1946 by Earl Tupper was once a symbol of post-World War II prosperity, known for its innovative bowls and kitchen containers.
However, Tupperware is currently facing major challenges including fierce competition in the home goods market and a surge in online sales that is affecting its position.
Tupperware’s president and chief executive officer, Laurie Ann Goldman said yesterday, “In recent years, the company’s financial position has been adversely affected by the global economic environment.
“We considered many options and decided that this is the best move for the future,” he said.
According to the company’s statement, the best step to protect the Tupperware brand is to sell the company. – Named
