Chinese real estate giant Evergrande files for bankruptcy
China’s Evergrande Group — once the country’s second-largest property developer — on Thursday submitted a bankruptcy petition in New York,…
The famous food storage containers business, Tupperware Brands Corp., and some of its subsidiaries have filed for Chapter 11 bankruptcy protection.
It gives in to dwindling demand for its once-iconic food storage containers and mounting financial losses.
Notably, the post-pandemic jump in costs of raw materials such as plastic resin, as well as labour and freight, had only further dented Tupperware margins.
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The journey had a short-lived pandemic boost when increased home cooking briefly drove demand for its colorful, airtight plastic containers.
As per the reports, Tupperware has been planning to file for bankruptcy protection after breaching the terms of its debt and enlisting legal and financial advisers.
Chief Executive Officer of the company, Laurie Goldman, in a press release said, “Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment.”
It is to be highlighted that Tupperware listed $500 million-$1 billion in estimated assets and $1 billion-$10 billion in estimated liabilities, according to bankruptcy filings in the US Bankruptcy Court for the District of Delaware.
It showed the number of creditors to be between 50,001-100,000.
In 2023, the company had finalized an agreement with its lenders to restructure its debt obligations and signed investment bank Moelis Co to help explore strategic alternatives.
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