Remember those colourful Tupperware containers we used to bring our food and water to school?
Well, according to investment news sources, the iconic brand behind all those nostalgic kitchen moments is reportedly preparing to file for bankruptcy as soon as this week.
Tupperware’s shares drop drastically
Tupperware’s shares took a sharp fall, dropping 15.8% after hours to just 43 cents per share, following a massive 57% decline at the market close.
Founded in 1946 by Earl Tupper, the brand’s rise to fame came in the 1950s with “Tupperware parties” that gave women a sense of independence and a way to earn income from home—an idea that resonated globally, including here in Malaysia.
While the COVID-19 pandemic brought a temporary sales boost as families stayed home and cooked more, the brand has struggled in recent months as life returned to normal.
Now, after breaching its debt terms and entering discussions with lenders, Tupperware is reportedly working with advisers to handle its financial troubles, which amount to over $700 million in debt.
For many, the news feels like the end of an era, and while the company hasn’t officially commented on the potential bankruptcy, it’s clear that Tupperware’s future is looking uncertain.
