American company Tupperware Brand Corp, known for manufacturing and supplying containers for kitchen and home needs, went bankrupt. It filed for bankruptcy following a year-long struggle with a decline in sales and growing competition. Publicly traded Tupperware filed for Chapter 11 bankruptcy protection, listing assets of between $500 million to $1 billion and liabilities between $1 billion to $10 billion, Bloomberg reported.
The kitchenware company, which for decades dominated the world of food storage, since 2020 had expressed doubts about its ability to stay in business. As of June this year, it planned to close its only US factory and lay off almost 150 employees.
The bankruptcy filing in Delaware follows months-long negotiations between Tupperware and its lenders over how to manage more than $700 million in loans. The creditors had agreed to give it some breathing room on that debt, but the business continued to deteriorate.
Tupperware founder Earl Tupper introduced its plastic products to the public and subsequently patented their flexible airtight seal. The brand’s goods later flooded American homes, largely by way of independent sales parties hosted in suburban homes. Soon, Tupperware became a worldwide phenomenon and even Indian households sang its glories.
Remember how serious Indian mothers are about Tupperware boxes? From every school or college-going student to an office-going grown-up, Tupperware remains an emotional story. Maybe the students would forget their books but never forget Tupperware boxes.
So what would this news mean for Indian mothers and households?
