Tupperware Files for Bankruptcy After Struggling With Weak Sales [Yahoo! Finance]
Tupperware Brands Corporation (TUP)
Last tupperware brands corporation earnings: 10/30 07:00 am
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Source: Yahoo! Finance
Tupperware Brands, the iconic food-storage company known for its resealable plastic containers and pioneering direct-to-consumer sales, has filed for bankruptcy after years of struggling with weak sales. Tupperware and certain subsidiaries have voluntarily initiated chapter 11 proceedings and will start a process to sell the business and its brand out of bankruptcy. Most Read from The Wall Street Journal Tupperware filed for bankruptcy while at odds with some of its lenders that have pushed to acquire its brand name and other assets through a foreclosure outside of chapter 11, its court papers show. Lenders including Stonehill Capital Management, Alden Global Capital and a Bank of America trading desk recently acquired the company's $800 million in outstanding loans for between 3 and 6 cents on the dollar, chief restructuring officer Brian Fox said in a sworn declaration. The lender group argued to the company earlier this month that an out-of-court foreclosure would minimize
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News
- Tupperware Lenders Fight Over Assets, Including Brand Name [BNN Bloomberg (Canada)]BNN Bloomberg
- Tupperware Lenders Fight Over Assets, Including Brand Name [Yahoo! Finance]Yahoo! Finance
- Tupperware files for Chapter 11 bankruptcy [Yahoo! Finance]Yahoo! Finance
- Tupperware Seeks Bankruptcy Protection As Demand For Its Colorful Containers Fades In The E-Commerce Era [Yahoo! Finance]Yahoo! Finance
- Iconic Tupperware Brands seeks Chapter 11 bankruptcy [Financial Post (Toronto, Ontario, Canada)]Financial Post