Tupperware Crisis: Tupperware Brands, which has ruled the kitchens of India and abroad for years, has hit the streets with lunch boxes for kids. Close to closure due to financial crisis. If it closes, the beautiful and colorful plastic utensils sold under the Tupperware brand will disappear from the market in many countries around the world, including India. Due to the depth of the financial crisis, Tupperware Brands and some of its affiliates have reportedly filed for Chapter 11 bankruptcy protection. Why did Tupperware file for bankruptcy? Tupperware Brands, a maker of plastic molded containers for storing food products, has filed for bankruptcy after slumping sales in recent years, two English dailies, The Hindu and The Times of India reported. Declare bankruptcy under Section 11. With declining sales, the company seems to be struggling to maintain its popularity among customers. According to a report by news agency AFP, the company has failed in its efforts to increase distribution through partnerships with major chain destinations. The Tupperware brand has been ruling the world since 1946. Tupperware, the plastic container manufacturer, has ruled the world since 1946 during World War II. Earl Tupper, a chemist who worked in a plastics factory during World War II, got the inspiration to create a plastic container while making a mold, The Hindu reported. He worked on developing an airtight seal for plastic containers used in paint cans. His aim was to save families from wasting food and money spent on it. Gradually founded the company Tupperware. The company grew rapidly in the mid-20th century. Direct sales increased, especially through Tupperware parties. The company was first promoted in 1948 as a way for women to earn extra income by selling bowls with lids to put leftover food in for their friends and neighbors. How Tupperware is in financial trouble New York-listed company Tupperware has issued a warning about its ability to continue operating in 2022 due to its uncertain financial position. Laurie Ann Goldman, the company’s president and CEO, blamed a challenging micro-economic environment for Tupperware’s financial struggles over the past few years. In fact, the financial position of the company started weakening since the Corona pandemic. Americans around the world were also hiding in their homes. This had a significant impact on Tupperware sales. “This is the result of the micro-economic environment where we have explored several strategic options and decided this is the best path,” Goldman said. Tupperware plans to seek court approval for the sale process to protect its brand and transform itself into a more digital-first, technology-driven company. Also Read: 8th Pay Commission: Central Employees Salary Hike, Know When Govt Will Open Treasury? Tupperware is buried in heavy debt, resulting in a decline in sales of the company’s products.On September 15, 2024, its shares traded at $0.5099. $2.55 in December 2022. Much less than a dollar. In documents filed with the U.S. Bankruptcy Court for the District of Delaware, Tupperware reported assets ranging from $500 million to $1 billion and liabilities between $1 billion and $10 billion. The document also shows that the company has between 50,000 and 100,000 creditors. Also Read: Man Becomes Millionaire By Placing Few Rupees In SIP, Not By Chanakya Nidhi
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