Tupperware Voluntarily Initiates Chapter 11 Proceedings

Core Viewpoint - Tupperware Brands Corporation has voluntarily initiated Chapter 11 proceedings to restructure its operations and protect its brand while continuing to serve customers through various sales channels [1][2][5]. Company Operations - The company aims to seek court approval to continue its operations during the bankruptcy proceedings and facilitate a sale process to support its transformation into a digital-first, technology-led organization [2][5]. - Tupperware has appointed a new management team and implemented a strategic plan to modernize operations, enhance omnichannel capabilities, and drive efficiencies for growth [3]. Financial Context - Tupperware's financial position has been adversely affected by a challenging macroeconomic environment, prompting the exploration of strategic options leading to the decision to file for Chapter 11 [5]. - The company intends to maintain its independent sales consultant agreements and will file motions to support ongoing operations, including employee wages and vendor payments [6]. Leadership Statements - Laurie Ann Goldman, President and CEO, emphasized the commitment to serving customers with high-quality products throughout the restructuring process [4]. - The company is focused on providing essential flexibility to pursue strategic alternatives that will better position it to serve stakeholders [5]. Legal and Advisory Support - Kirkland & Ellis LLP is serving as legal advisor, Moelis & Company LLC as the investment banker, and Alvarez & Marsal as the financial and restructuring advisor for Tupperware [8].