After 78 years in business, food storage industry icon Tupperware has filed for bankruptcy.
According to a statement released by the company, Tupperware Brands Corporation announced the company "voluntarily initiated Chapter 11 proceedings in the United States Bankruptcy Court" as of Wednesday. "Tupperware will seek Court approval to continue operating during the proceedings and remains focused on providing its customers with its award-winning, innovative products through Tupperware sales consultants, retail partners and online," the statement continued. "The Company will also seek Court approval to facilitate a sale process for the business in order to protect its iconic brand and further advance Tupperware's transformation into a digital-first, technology-led company."
Laurie Ann Goldman, the company's president and CEO, indicated the company plans to continue operations.
"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," Goldman said. "We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process."
Ramishah Maruf and Olesya Dmitracova wrote in CNN that the company "only began selling in Target in 2022" after years of selling through "Tupperware parties." Susannah Street of the UK-based investment platform Hargreaves Lansdown also credited some of the issue to "eco-aware consumers" who don't want to purchase plastic.
