Tupperware Brands Plans to File for Bankruptcy

Published On Sep 16, 2024, 3:58 PM

Tupperware Brands is reportedly preparing to file for bankruptcy due to ongoing financial troubles and declining consumer demand. The company's shares plummeted over 50% following this news. Tupperware, which has struggled with a debt of over $700 million, has been in discussions with lenders to manage its financial situation, but growth remains elusive. The company has also reduced its workforce and closed its only US factory as part of its cost-cutting measures. Tupperware has warned about its prospects for survival for several years, having recently replaced its CEO and faced continuous losses.