Tupperware Brands filed for Chapter 11 bankruptcy protection late on Tuesday, succumbing to mounting losses amid poor demand for its once-iconic food storage containers.
WATCH: Once a mainstay of kitchens around the world after its inception in 1946, Tupperware has recently has found itself in tough times and has filed for bankruptcy protection. Heather Yourex-West explains what this means for the beloved brand, and what led to its downfall.The company’s popularity exploded in the 1950s as women of the post-war generation held “ Tupperware parties” at their homes to sell food storage containers as they sought empowerment and independence.
A post-pandemic jump in costs of labor, freight and raw materials such as plastic resin have also pressured its business. Tupperware listed $500 million-$1 billion in estimated assets and $1 billion-$10 billion in estimated liabilities, according to bankruptcy filings in the U.S. Bankruptcy Court for the District of Delaware. It listed the number of creditors to be between 50,001 and 100,000.
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