Tupperware brands filed for bankruptcy protection on Tuesday, citing years of declining sales and increased competition. According to New York TimesTupperware is seeking court approval to sell the company and continue operating during the bankruptcy case. The bankruptcy filing said the company had about $680 million in assets and $1.2 billion in debt.
Tupperware said it has about 5,500 employees in 41 countries, and more than 460,000 global consultants who sell on an independent basis.
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The brand of airtight plastic containers was developed by chemist Earl Tupper in the 1940s. The brand's success was fueled by a direct sales campaign called the “Tupperware party,” which involved a consultant demonstrating the products at a social gathering at the home of someone.
The method was effective and became a cultural touchstone. However, according to Chapter 11 FilingTupperware's reliance on this tactic and failure to diversify sales strategies led to its undoing. “In stark contrast to the company's early days, almost everyone now knows what Tupperware is, but fewer people know where to find it,” wrote Brian J. Fox, Tupperware's chief restructuring officer.
The company waited until 2022 to set up an Amazon storefront, he added.
Social media swung into action after the news, posting memes, tributes and love letters to the former Freshman Giant.
All the moms and aunts who find out that Tupperware is filing for bankruptcy https://t.co/bfIln7daWe pic.twitter.com/W7Zw9la3Gm
— Westside Liar (@Blessing_int) September 18, 2024
Top Tupperware meme. #r4today pic.twitter.com/AhUyRI6Qd6
— JoeEsquire.bsky.social (@joecrayston) September 18, 2024
Related: The manufacturer of a major American house brand may be going out of business