Tupperware declares bankruptcy according to Fox Business | Bankruptcy

Tupperware Brands Corporation has filed for bankruptcy, simply months after the enduring American meals storage container maker shuttered its final remaining plant within the U.S. amid monetary woes.

The firm formally introduced its voluntary resolution to provoke Chapter 11 proceedings within the U.S. Bankruptcy Court for the District of Delaware on Tuesday. 

The firm listed $500 million-$1 billion in estimated belongings and $1 billion-$10 billion in estimated liabilities, according to bankruptcy filings, which confirmed the variety of collectors to be between 50,001-100,000.

“Whether you are a dedicated member of our Tupperware team, sell, cook with, or simply love our Tupperware products, you are a part of our Tupperware family. We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process,” Laurie Ann Goldman, president and CEO of Tupperware, stated in an announcement.  

BIG LOTS FILES FOR BANKRUPTCY, WILL CLOSE SOME STORES AMID SALE TO INVESTMENT FIRM

Tupperware merchandise on a shelf. (Chris Weeks/WireImage for Silver Spoon/by way of Getty Images / Getty Images)

She continued, “Over the last several years, the Company's financial position has been severely impacted by the challenging macroeconomic environment. As a result, we explored numerous strategic options and determined this is the best path forward. This process is meant to provide us with essential flexibility as we pursue strategic alternatives to support our transformation into a digital-first, technology-led company better positioned to serve our stakeholders.”

Tupperware, based in 1946 by chemist Earl Tupper, is asking the court docket to enable continued operations by means of gross sales consultants and retail companions, in addition to on-line, according to a press launch.

ANOTHER RESTAURANT CHAIN FILES FOR CHAPTER 11 BANKRUPTCY

Tupperware gadgets, together with a set of retro storage containers at left, relaxation on a desk throughout a Tupperware social gathering in Sebastian, Florida, on Wednesday, May 18, 2022. (Stephen M. Dowell/Orlando Sentinel/Tribune News Service by way of Getty Images / Getty Images)

The firm, based mostly in Orlando, Florida, has confronted a collection of struggles lately.

In 2020, the corporate initiated a turnaround plan and ever since has been making an attempt to execute targets together with enhancing profitability, strengthening its steadiness sheet and restructuring its debt.

However, in a Securities and Exchange Commission submitting in April 2023, Tupperware stated that “[t]he Company has concluded that there is substantial doubt about its ability to continue as a going concern for at least one year from the expected issuance date of its Form 10-K financial statements.” 

Then in June, Tupperware introduced it could completely shut its facility in Hemingway, South Carolina, shedding 148 folks.

The discover stated layoffs would start in September, with ultimate closure of the plant set for January 2025.

LL FLOORING, HARDWARE STORE ONCE KNOWN AS LUMBER LIQUIDATORS, TO CLOSE ALL 400 STORES IN BANKRUPTCY PROCEEDING

Tupperware merchandise are provided on the market at a retail retailer on April 10, 2023 in Chicago. (Scott Olson/Getty Images / Getty Images)

Tupperware stated in an announcement on the time that it bought the Hemingway plant final yr and plans to transition operations to Lerma, Mexico, noting that the majority of its merchandise bought within the U.S. and Canada are already made at that plant.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Tupperware appointed Goldman as CEO in October 2023.

The firm's reputation exploded within the Nineteen Fifties as girls of the post-war technology held “Tupperware parties” at their properties to promote meals storage containers as they sought empowerment and independence.

FOX Business' Ailslinn Murphy, Daniella Genovese and Reuters contributed to this report.