Food container maker Tupperware is apparently on the brink of bankruptcy. The company could file for bankruptcy protection this week, Bloomberg reported Monday, citing people familiar with the matter.
Preparations for the bankruptcy filing followed lengthy negotiations between Tupperware and its lenders over how to deal with more than $700 million in debt, the report said.
Tupperware did not immediately respond to a request for comment. The company, founded in 1946 and popularized by “Tupperware parties” in the 1950s, has been struggling financially for some time.
Tupperware shares plunge
Despite a brief rebound during the coronavirus pandemic, revenue has fallen in recent quarters. The company warned of liquidity problems in March and expressed doubts about its survival. After the news broke, the company’s shares fell 15.8 percent in after-hours trading, after having already fallen 57 percent in regular trading.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
