Tupperware files for bankruptcy

Tupperware Brands, a US food storage container manufacturer, and some of its subsidiaries have filed for bankruptcy in the US due to mounting losses.

The struggling company says it will seek court approval to begin the sale process of the company and intends to maintain operations during the bankruptcy procedures.

Last year, the 78-year-old company warned that it might go bankrupt unless it could rapidly secure new funding.

As revenues decline, Tupperware has been striving to reinvent itself among younger clients.

“Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment,” Tupperware’s CEO Laurie Ann Goldman said in a message to shareholders.

The company’s stock has dropped more than 50% this week following news that it was likely to file for bankruptcy.

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Thousands of mourners gathered in eastern Ugandan for the funeral of Olympic marathon runner Rebecca Cheptegei, who was set on fire by her former partner and eventually died.

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Tupperware has struggled for years to reverse declining product sales in the face of lower-cost competitors.

Following a temporary boost in sales during the epidemic, as more people cooked at home, the company saw demand continue to fall.

The growing cost of raw materials, higher wages, and transportation expenses have all reduced its profit margins.

For years, Tupperware dominated the market, becoming so synonymous with food storage containers that many people use its name to refer to any plastic container.

Earl Tupper created the company in 1946, and patented the containers’ flexible airtight seal.

Tupperware was a significant breakthrough because it used new plastics to keep food fresher for longer, which was especially useful when refrigerators were still prohibitively expensive for many families.

However, it was not an instant success.

Brownie Wise, a pioneering saleswoman, helped make the brand a household name.

She devised a strategy in which salespeople, primarily women, marketed Tupperware to other women in their homes, known as “Tupperware parties”.

According to the corporation, Tupperware is now available in 70 countries around the world.