Tupperware, a household brand once so popular it became the name of an entire product category, filed for Chapter 11 bankruptcy this week as consumers’ evolving shopping behaviors and increased competition led to slumping sales.
“Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment,” Laurie Ann Goldman, president and chief executive of Tupperware, said in a statement. “As a result, we explored numerous strategic options and determined this is the best path forward.”
Tupperware, which came close to finding itself in this position last year, will seek court approval to start a sale process for the business to protect its brand and advance its “transformation into a digital-first, technology-led company”, the company said.
The Orlando-based food-storage company will also seek court approval to continue operating during the bankruptcy process, including continuing to pay employees, as well as compensating vendors and suppliers for goods and services provided on or after the filing date.
“We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process,” Goldman added.