After years of declining sales, and a failed turn-around strategy, the Tupperware company has finally filed for bankruptcy.
Tupperware Brands Corporation, the iconic global brand, announced yesterday that it had voluntarily initiated Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware.
The much-loved plastic containers have been a household staple for many decades in South Africa since it was introduced in 1964.
The brand has been known for its quality, colourful and different designs as well as the different storage sizes, be it containers or bottles.
Last year, Tupperware saw a dramatic decline in sales, and IOL reported that it was on the brink of its closure.
It’s believed their “Tupperware Party” sales strategy, where women held social gatherings to sell the containers, might be the reason for its closure since the brand was not sold in supermarkets.
And despite trying to keep up with the trends, the brand has also failed to appeal to younger audiences.
In a statement, Tupperware said that despite filing for bankruptcy, the company will continue to operate during the proceedings and the company will seek the court’s approval in order to protect its iconic brand and further advance Tupperware's transformation into a digital-first, technology-led company.
Laurie Ann Goldman, President and Chief Executive Officer of Tupperware said “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”.
kamogelo.makhura@africannewsagency.com