Tupperware files for bankruptcy as its colorful containers lose relevance [CNBC]
Tupperware Brands Corporation (TUP)
Last tupperware brands corporation earnings: 10/30 07:00 am
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Source: CNBC
A post-pandemic jump in costs of raw materials such as plastic resin, as well as labor and freight, further dented Tupperware margins. Tupperware Brands Corp. and some of its subsidiaries filed for Chapter 11 bankruptcy protection on Tuesday, giving in to dwindling demand for its once-iconic food storage containers and mounting financial losses. The company's struggles resumed after a short-lived pandemic boost, when increased home cooking briefly drove demand for its colorful, airtight plastic containers. A post-pandemic jump in costs of raw materials such as plastic resin, as well as labor and freight, further dented Tupperware margins. “Over the last several years, the company's financial position has been severely impacted by the challenging macroeconomic environment,” Chief Executive Officer Laurie Goldman said in a press release. Tupperware has been planning to file for bankruptcy protection after breaching the terms of its debt and enlisting legal and financial adviser
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