Tupperware Manufacturers, the US maker of meals storage containers, and a few of its subsidiaries have filed for chapter within the US within the face of ballooning losses.
The embattled firm says it would ask for court docket permission to begin a sale means of the enterprise and goals to proceed working through the chapter proceedings.
Final yr, the 78-year-old agency warned that it could go bust except it may rapidly increase new financing.
Tupperware has been trying to reposition itself to youthful clients because it confronted sliding gross sales.
“We plan to proceed serving our valued clients with the high-quality merchandise they love and belief all through this course of,” the corporate’s chief government Laurie Ann Goldman mentioned in an announcement to traders.
The corporate’s shares have fallen by extra 50% this week after experiences that it was planning to file for chapter.
Tupperware has for years been struggling to stem falling gross sales of its merchandise within the face of cheaper competitors.
After a quick surge in gross sales through the pandemic, as extra individuals cooked at dwelling, the agency noticed demand proceed to slip.
The rising value of uncooked supplies, larger wages and transportation prices have additionally eaten into its revenue margins.
Tupperware dominated its marketplace for years, turning into so synonymous with meals storage containers that many individuals use its identify when referring to any plastic container.
The corporate was based in 1946 by Earl Tupper, who patented the containers’ versatile hermetic seal.
It turned well-known within the Fifties and Sixties when individuals held “Tupperware events” of their properties to promote the plastic containers to buddies and neighbours.