Tupperware Brands plans to file for bankruptcy: Report
Tupperware Brands is preparing to file for bankruptcy as soon as this week, Bloomberg News reported on Monday, citing people with knowledge of the plans.
The company's shares were down 15.8% at 43 cents after the bell. They closed down 57%.
Founded in 1946 by chemist Earl Tupper, the company's popularity exploded in the 1950s as women of the post-war generation held «Tupperware parties» at their homes to sell food storage containers as they sought empowerment and independence.
The COVID-19 pandemic provided a boost in sales from families who sheltered at home, cooked more and produced lots of leftovers. Sales have declined in recent quarters as the world re-opened.
Tupperware is planning to enter court protection after it breached the terms of its debt and enlisted legal and financial advisers, Bloomberg News reported on Monday.
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