Tupperware, the company that billed itself as a "fresh idea" to American consumers for nearly 80 years, finally appears to be approaching its expiration date.
According to a report from Bloomberg News, Tupperware plans to file for bankruptcy this week following a failed effort to keep the storage-container business afloat. Its stock price fell 57% at Monday's close and continued to slip in Tuesday's pre-market trading.
The anticipated move comes after Tupperware violated the terms of its more than $700 million in debt. The company sought legal and financial assistance following long-running attempts to save the once-popular home goods business based in Kissimmee, Fla.
Tupperware was founded by Earl Tupper in 1946, offering food storage containers with an air-tight seal. The company exploded in the 1950s with a new marketing concept that enlisted suburban housewives to host "Tupperware parties" and sell the products to friends and neighbors.
The Tupperware brand appeared to find new life when the COVID-19 pandemic once again sent consumers in search of plastic containers to store food items at home. Tupperware had over 300,000 independent sales rep as of 2022.
The company also enjoyed a brief revival as a meme stock last year. But the momentum was short-lived and the company was forced to close its factory and lay off its 150 employees in June.
Tupperware also made a change at the top in an effort to save the brand, replacing CEO Miguel Fernandez with Laurie Goldman and removing several longtime board members. But the company appears to be out of fresh ideas to save itself.
