Tupperware files for bankruptcy as its colorful containers lose relevance

[Big Mongo]

https://www.reuters.com/business/retail-consumer/tupperware-brands-files-
chapter-11-bankruptcy-2024-09-18/

Tupperware files for bankruptcy as its colorful containers lose relevance

By Reuters
September 18, 20246:52 AM EDTUpdated 4 hours ago



Sept 18 (Reuters) - Tupperware Brands (TUP.N), opens new tab filed for
Chapter 11 bankruptcy protection late on Tuesday, succumbing to mounting
losses amid poor demand for its once-iconic food storage containers.

The company's popularity exploded in the 1950s as women of the post-war
generation held "Tupperware parties" at their homes to sell food storage
containers as they sought empowerment and independence.

However, it has lost its edge to rivals making cheaper and more
environmentally friendly containers.

Last month, Tupperware raised doubts about its ability to remain in
business after flagging potential bankruptcy risk several times due to
liquidity constraints.

"Over the last several years, the company's financial position has been
severely impacted by the challenging macroeconomic environment," Chief
Executive Officer Laurie Goldman said in a statement.

The company said it intends to obtain court approval to continue selling
its products and charting out a sale process for the business.

The company has been trying to turn its business around for years after
reporting several quarters of falling sales.

A post-pandemic jump in costs of labor, freight and raw materials such as
plastic resin have also pressured its business.

Last year, the company's stock saw wild swings amid "meme stocks" rallies,
where retail investors coordinate on social media and typically focus
their speculative bets on companies that are financially struggling or
have high short interest.

Tupperware listed $500 million-$1 billion in estimated assets and $1
billion-$10 billion in estimated liabilities, according to bankruptcy
filings in the U.S. Bankruptcy Court for the District of Delaware. It
listed the number of creditors to be between 50,001 and 100,000.

In 2023, the company finalized an agreement with its lenders to
restructure its debt obligations, and signed investment bank Moelis & Co
to help explore strategic alternatives.

[bryan_styble]

The iconic company's plastic kitchenware was always top-notch in design,
many items engineered with the brand's signature "burp" technology.

Tupperware international corporate headquarters--a low-slung campus
architectually along a highway located a few miles south of Orlando--are
modest but were always handsomely maintained whenever I've motored past,
and I sure hope they can turn things around under Chapter 11
constraints, for I'd miss them.

And that full-color "World of Tupperware" promotional film* TCM
occasionally plays as one of the channel's interstitial "Extras" is a
fascinating and fun industrial film...and features an onstage guest
appearance at a Tupperware convention by still-living songstress Anita
Bryant!

BRYAN STYBLE/Florida
=================
* Viewable on YouTube, I do believe.

[bryan_styble]

Okay, it's titled "The Wonderful World of Tupperware", and it IS a
wonderful film, showcasing much of the manufacturing process.

And Bryant sure belts out a tune or two near the end--as does some Jerry
Vale clone.

BRYAN STYBLE/Florida
=================

[Louis Epstein]

Post by bryan_styble
The iconic company's plastic kitchenware was always top-notch in design,
many items engineered with the brand's signature "burp" technology.
Tupperware international corporate headquarters--a low-slung campus
architectually along a highway located a few miles south of Orlando--are
modest but were always handsomely maintained whenever I've motored past,
and I sure hope they can turn things around under Chapter 11
constraints, for I'd miss them.
And that full-color "World of Tupperware" promotional film* TCM
occasionally plays as one of the channel's interstitial "Extras" is a
fascinating and fun industrial film...and features an onstage guest
appearance at a Tupperware convention by still-living songstress Anita
Bryant!
BRYAN STYBLE/Florida
=================
* Viewable on YouTube, I do believe.

I haven't kept up with the history,but I know Tupperware was
for some years a subsidiary of Dart Industries (the former
United Drug Company after it sold its Rexall drug chain),
which combined with Kraft Inc. (the former National Dairy
Products Company that had bought the Kraft foods (originally
Cheese) company,later rebranding as Kraftco) to form Dart & Kraft,
reputedly because Kraft wanted to control Tupperware...then some
years later (I think after Justin Dart died) Dart & Kraft became
Kraft again and spun off Premark International,which was all the
Dart Industries divisions other than Duracell,which Kraft held
onto until selling it to Gillette before being bought by Philip
Morris Companies,which became Altria,and merged Kraft with
previously-acquired General Foods before subsequent disintegrations
created today's Kraft Heinz and Mondelez (both of whose products
I now boycott).

Apparently Premark also disintegrated leading to the now
bankrupt Tupperware being free-standing.

-=-=-
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