Tupperware Brands is Preparing apply for bankruptcy As of this week, Bloomberg News reported He said this on Monday, citing people who have knowledge of the schemes.
The company's shares closed at 51 cents, down 57%.
Founded in 1946 by chemist Earl Tupper, the company's popularity soared in the 1950s when it began selling food storage containers as a post-war generation of women held “Tupperware parties” in their homes as they sought empowerment and independence.
The COVID-19 pandemic boosted sales as families stayed home, cooked more and created lots of leftovers. Sales have declined in recent quarters As the world opened up again.
Tupperware has violated the terms of its loan and has sought help from legal and financial advisers, after which it plans to seek court protection, Bloomberg News reported on Monday.
According to the report, the bankruptcy filing comes after lengthy negotiations between Tupperware and its lenders over how to manage more than $700 million in debt.
Tupperware did not immediately respond to a Reuters request for comment.
In March, the company warned that it wasn't sure it could continue its business. going concern And they faced a cash crunch.
