New York/London (CNN) — Tupperware, known the world over for its plastic food storage containers, has filed for bankruptcy after years of falling popularity and financial troubles.
“Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment,” Laurie Ann Goldman, president and CEO of Tupperware Brands Corporation, said in a statement late Tuesday.
Chapter 11 bankruptcy allows companies to solve their financial problems by restructuring. “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,” Goldman added.
Tupperware has historically sold to consumers only through so-called direct sales, most commonly at “Tupperware parties,” similar to cosmetic company Avon’s business model, and only began selling in Target in 2022. The 78-year-old brand empowered women to enter the sales business.
“The party is over for Tupperware,” Susannah Streeter, head of money and markets at UK investment …