Decades-old kitchen staple company Tupperware files for bankruptcy

Core Points - Tupperware Brands Corporation has filed for Chapter 11 bankruptcy, following the closure of its last U.S. plant due to financial difficulties [1][4] - The company estimates its assets to be between $500 million and $1 billion, while its liabilities range from $1 billion to $10 billion, with creditors numbering between 50,001 and 100,000 [2] - Tupperware aims to continue operations through sales consultants and retail partners, as well as online, during the bankruptcy process [4] Financial Situation - The company has faced significant financial challenges over the years, exacerbated by a difficult macroeconomic environment [4][5] - In April 2023, Tupperware expressed substantial doubt about its ability to continue as a going concern for at least one year [6] - The company's stock has seen a drastic decline, with a change of -58.69% [6] Operational Changes - Tupperware announced the permanent closure of its Hemingway, South Carolina facility, resulting in the layoff of 148 employees, with the plant set to close by January 2025 [7] - The company plans to transition operations to Lerma, Mexico, where most products sold in the U.S. and Canada are already manufactured [7] Leadership and Strategy - Laurie Ann Goldman has been appointed as CEO in October 2023, emphasizing the company's commitment to serving customers during the bankruptcy process [3][8] - Tupperware is pursuing strategic alternatives to transform into a digital-first, technology-led company [4]