Tupperware Brands Corporation and certain of its subsidiaries have voluntarily initiated Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware.
Tupperware said it will seek court approval to continue operating during the proceedings, noting it remains focused on providing its customers products through Tupperware sales consultants, retailer and online channels. The company said it will also seek court approval to facilitate a sale process for the business to preserve the brand and continue the business’ transformation into a digital-first, technology-led company.
Tupperware, under a new management team installed last year, has implemented a strategic plan to modernize its operations, bolster omnichannel capabilities and drive efficiencies to ignite growth, according to the company.
“Whether you are a dedicated member of our Tupperware team, sell, cook with or simply love our Tupperware products, you are a part of our Tupperware family,” said Laurie Ann Goldman, President and Chief Executive Officer of Tupperware. “We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process.
Coleman said the company’s financial position has been severely impacted by the challenging macroeconomic environment, leading it to explore strategic options that led to determination the Chapter 11 reorganization is it “best path forward.” “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,” Goldman said.
The company reported there are no current changes to Tupperware’s independent sales consultant agreements.
