On the verge of bankruptcy, the Tupperware brand launches bankruptcy proceedings

The end of a legend in our kitchens? In difficulty for years, the American manufacturer of the famous plastic food containers Tupperware saw its share price suspended on Tuesday, after the Bloomberg agency reported a possible bankruptcy filing. On Monday, the stock had lost 57.51% in one session after the publication of this information, according to which the Orlando (Florida) group could file for bankruptcy as early as this week.

Asked by AFP, Tupperware did not immediately respond, but this Wednesday, the American manufacturer announced that it had launched bankruptcy proceedings in a press release.

A social phenomenon

Tupperware has been burdened for several years by several hundred million dollars of debt and had already had to restructure its financial commitments for the first time, in 2020. In documents filed with the American markets regulator this year, the SEC, the company had indicated that it had obtained arrangements from certain creditors to avoid a default. The group has not published its accounts since 2022, a year in which its turnover fell to 1.3 billion dollars, or 42% less than five years earlier.

Launched in 1946, Tupperware had become a social phenomenon, entering millions of American homes and beyond thanks to the efficiency of its sales force. Initially launched in stores, its plastic containers with airtight lids to preserve food longer did not sell well. The company then came up with the idea of ​​”Tupperware parties,” demonstrations held in the home of a salesperson for a group of potential buyers.

In 2017, the company founded by American inventor Earl Tupper still had more than three million of these ambassadors worldwide. Tupperware has been weakened by the emergence of online commerce, meal delivery and single-use plastic, which have challenged its model. The company has tried to adapt by expanding its online sales and entering into distribution agreements with chain stores, but has been unable to halt its slide.