Tupperware files for bankruptcy as sales decline

US brand Tupperware has filed for bankruptcy as the company struggles with declining sales and mounting debt.

Founded in 1946, the brand became famous for revolutionising how food is stored in kitchens by using plastic boxes to keep food fresh.

It is now a household name used to refer to any plastic food container.

Laurie Ann Goldman, Tupperware president and CEO, said on Tuesday: “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.”

The 78-year-old firm had been struggling for years and raised concerns in April 2023 when it revealed in a regulatory filing that it might go out of business.

At the time, the company warned that it would not be able to continue operating without additional funds.

In a statement to CNN earlier this year, a Tupperware spokesperson said the company was struggling with its finances due to “the pandemic, inflation, and high interest rates” and said that it was working to strengthen the brand.

Tupperware found a potential way to alleviate its problems four months later, when it reached a deal with its creditors to reduce its interest payments, plus secured an extension and reduction on the debt it owed.

But that was not enough, as the company’s finances still declined following the deal.

A spokesperson for the company did not immediately respond to ITV News’ request for comment.