Picture: Tupperware website
Tupperware’s financial woes have worsened, resulting in the container brand filing for bankruptcy.
The American brand, cherished by South Africans, announced this week that it had voluntarily initiated a bankruptcy process, legally known as Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware.
President and Chief Executive Officer of Tupperware Brands Corporation, Laurie Ann Goldman in a press statement said it would seek the court’s approval to continue operating during the proceedings.
“The Company will also seek Court approval to facilitate a sale process for the business in order to protect its iconic brand and further advance Tupperware’s transformation into a digital-first, technology-led company,” said Ann Goldman.
The brand is determined to provide customers with innovative products through Tupperware sales consultants, retail partners and online.
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“Following the appointment of a new management team within the last year, Tupperware has implemented a strategic plan to modernize its operations, bolster omnichannel capabilities and drive efficiencies to ignite growth,” she said.
The company attributed its financial position to the challenging macroeconomic environment. She said they have looked at several strategic options and filing for bankruptcy was the best path forward.
“This process is meant to provide us with essential flexibility as we pursue strategic alternatives to support our transformation into a digital-first, technology-led company better positioned to serve our stakeholders.”
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A company files for bankruptcy with the aim to reorganise its debts, operations, and financial structure to become viable again. The company can continue to operate, but most decisions will need the court’s approval.
If the restructures fails, then the company’s assets may be liquidated to pay off creditors.
in 2022, Tupperware trended on social media in South Africa when businesswoman and former model Sonia Booth exploded her then-husband, soccer legend Matthew Booth’s alleged affair. She accused him of baking cheesecake for his mistress and then giving it to her in her Tupperware . She got furious that the cheesecake was placed in one of her Tupperware containers, which had not been returned.
Since then, Sonia has divorced the soccer lends and started a Marula Cheesecake Passion brand.
NOW READ: ‘Tupperware is part of our culture’ – SA reacts to possible closure of company
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