WASHINGTON, D.C. — Tupperware Brands Inc and some of its subsidiaries filed for Chapter 11 bankruptcy protection on Tuesday, the food container firm said in a statement.
The company, known for its trademark food storage containers, has been hit by dwindling sales in recent years.Last year it warned of 'substantial doubt' about its ability to keep operating in light of its poor financial position.The company said Tuesday it would seek court approval to continue operating during the bankruptcy proceedings and also seek approval for a sale process for the business to protect its brand.
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 better positioned to serve our stakeholders,' added Goldman.The company's roots date to 1946, when chemist Earl Tupper 'had a spark of inspiration while creating molds at a plastics factory shortly after the Great Depression,' according to Tupperware's website.
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