Tupperware files for bankruptcy as turnaround plan falls through

Mitrade
Trending Articles
coverImg
Source: Shutterstock

Investing.com-- Food storage maker Tupperware Brands Corporation (NYSE:TUP) filed for bankruptcy on late-Tuesday as the firm’s turnaround plan largely failed to shore up its business and as it grappled with a dire cash crunch due to lagging sales.


The firm filed for Chapter-11 bankruptcy proceedings in the District of Delaware, it said in a filing, and said it will seek court approval for a potential sale of its business. Tupperware also said it will seek approval to continue operating during the bankruptcy proceedings. 


Bloomberg reported earlier this week that Tupperware was seeking bankruptcy protection after breaching the terms of its debt arrangements, and had brought in legal and financial advisers over potential options. 


“Over the last several years, the Company's financial position has been severely impacted by the challenging macroeconomic environment. As a result, we explored numerous strategic options and determined this is the best path forward,” Tupperware CEO Laurie Ann Goldman said in a statement. 


Founded in 1946 by chemist Earl Tupper, the company saw a boost in sales through the COVID-19 pandemic as more families stayed home and cooked. But sales declined over the past two years as the world reemerged from the pandemic. 


The company had warned in March that it was uncertain over its prospects as a going concern, and was facing a liquidity crunch. 


The company had appointed a new management team last year and enacted a broad turnaround plan to cut costs and shore up business, although it now appeared to have made dwindling progress on that front. 

Read more

  • U.S. September Nonfarm Payrolls: Two-Scenario Analysis, Will U.S. Stocks Diverge in Short-Term and Medium-to-Long-Term Trends?
  • WTI rises to near $60.00 on supply risks due to US sanctions
  • Australian Dollar holds losses following Q3 Wage Price Index data
  • Gold Price Forecast: XAU/USD recovers above $4,100, hawkish Fed might cap gains
  • * The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

    goTop
    quote
    Related Articles
    placeholder
    Nvidia Q3 Earnings Explode: $57B Smashes Wall Street, After-Hours Rally of 6% Slaps Down the "AI Bubble" Narrative! Short-term Volatility, Long-term Optimism At the latest GTC conference, Jensen Huang revealed that for the five quarters ending in 2026, the order backlog for Blackwell + Rubin has reached $500 billio
    Author  TradingKey
    8 hours ago
    Short-term Volatility, Long-term Optimism At the latest GTC conference, Jensen Huang revealed that for the five quarters ending in 2026, the order backlog for Blackwell + Rubin has reached $500 billio
    placeholder
    The Ultimate Test for the Market: What Nvidia's Earnings Mean for U.S. StocksTradingKey - Nvidia (NVDA), the leader in the AI chip market, is set to release its fiscal year 2026 Q3 earnings report after the close of US markets on Wednesday. As US investors engage in a frantic
    Author  TradingKey
    Yesterday 10: 29
    TradingKey - Nvidia (NVDA), the leader in the AI chip market, is set to release its fiscal year 2026 Q3 earnings report after the close of US markets on Wednesday. As US investors engage in a frantic
    placeholder
    What's Really Inside the AI Bubble? Decoding the Core Controversies Over Scale, Reliance and Valuation As ChatGPT nears its three-year anniversary, the AI boom has fueled a three-year U.S. equity rally. However, growing AI bubble concerns and investor fatigue now threaten to derail market
    Author  TradingKey
    Nov 14, Fri
    As ChatGPT nears its three-year anniversary, the AI boom has fueled a three-year U.S. equity rally. However, growing AI bubble concerns and investor fatigue now threaten to derail market
    placeholder
    As Rotation from Tech to Value Gains Steam, Is It Time to Buy the Dow Jones by End-2025?The Dow Jones Industrial Average has reached successive record highs, and its outperformance against the Nasdaq over the past two days reached the highest level in nine months, signaling
    Author  TradingKey
    Nov 13, Thu
    The Dow Jones Industrial Average has reached successive record highs, and its outperformance against the Nasdaq over the past two days reached the highest level in nine months, signaling
    placeholder
    Cisco’s Stock Pops After Smashing Earnings—Thanks to $1.3 Billion in AI OrdersCisco just dropped its latest earnings report—and investors are loving it. The company blew past expectations for both profit and sales in its fiscal first quarter, sparking a more than 7% jump in the stock after Wednesday’s closing bell.
    Author  Mitrade
    Nov 13, Thu
    Cisco just dropped its latest earnings report—and investors are loving it. The company blew past expectations for both profit and sales in its fiscal first quarter, sparking a more than 7% jump in the stock after Wednesday’s closing bell.

    Stocks Related Articles

    • Amazon Stock Analysis: How to Invest in Amazon Stock?
    • Best 15 ASX Lithium Stocks To Watch in 2024-2025 | Industry Overview & Stock List
    • GOOG vs GOOGL: What's the Difference? Which One Should You Buy?
    • What Is A Stock Dividend? Top 20 High-Dividend Stocks List For 2024
    • How To Buy Nvidia Stocks (NASDAQ: NVDA)? Are Nvidia Stocks Worth Investing In During 2024?
    • How to Invest in Stock Market for Beginners

    Click to view more