Tupperware Brands Corporation announced it reached an agreement in principle with a group of its secured lenders, including Stonehill Capital Management Partners and Alden Global Capital, under which the lenders will acquire all Tupperware intellectual property and certain operating assets to form a new Tupperware operating company.
The transaction is structured as a private sale of all intellectual property needed to create and market Tupperware’s brand and products, plus operating assets in the United States and other foreign subsidiaries.
Tupperware and certain of its subsidiaries filed for Chapter 11 protection on September 17, 2024, in the United States Bankruptcy Court for the District of Delaware. The sale to the Tupperware lender group is intended to close by the end of October 2024, subject to approval by the bankruptcy court. Following closing, The New Tupperware Company will be privately held under the ownership of the lender group.
Laurie Ann Goldman, who joined Tupperware as president and CEO in October 2023, said, “Tupperware is considered the inventor of the party-selling model and made no-leak food conservation products famous. Over the last year, we created a new strategy and operating approach that is digital-first, technology-led and asset-light and preserved a global footprint for the company.”
“We’ve made tremendous progress and are delighted this group of forward-thinking investors share our vision and will partner with us to grow,” Goldman continued. “It is envisioned that The New Tupperware Company will be rebuilt with a start-up mentality using an agile methodology in dynamic phases.”
“We look forward to working with Tupperware’s talented leadership team to execute on the go-forward strategy for this iconic brand,” according to a statement from the Tupperware lender group.
Goldman said the initial focus of The New Tupperware Company will be on global core markets, including the United States, Canada, Mexico, Brazil, China, Korea, India and Malaysia. The new company intends to follow on with European and additional Asian markets, she noted. Customers will be able to continue purchasing Tupperware products via independent Tupperware sales consultants, Tupperware e-commerce sites and retail partners in the global core markets, the company said.
With the announcement of the proposed transaction, markets outside of Tupperware’s global core markets with heavy liabilities will wind down operationally, according to the company. Goldman concluded, “Winding down parts of the company will be a difficult but necessary decision to protect the future of the Tupperware brand… Change and disruption are challenging, but at times, needed to move forward.”
