Tupperware Brands reportedly planning to file for bankruptcy

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Tupperware Brands is preparing to file for bankruptcy as soon as this week, Bloomberg News reported.

The home and kitchen brand's shares were down 15.8% and it closed down 57%, reported Reuters.

According to Reuters, the Covid-19 pandemic provided a boost in sales from families who cooked and stayed at home more, but sales have since declined as the world re-opened.

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In addition, Tupperware is reportedly planning to enter court protection. This is after it breached the terms of its debt repayment and enlisted legal and financial advisers.

The bankruptcy preparations reportedly follow negotiations between Tupperware Brands and its lenders over how to manage over US$700 million in debt. The lenders agreed to give Tupperware Brands some breathing room on the violated loan terms in 2024, reported The Straits Times.

However, Tupperware Brands continued to deteriorate, added The Straits Times.

Currently, the plans are not final and could change. Meanwhile, the company closed its US factory and laid off employees in June, reported Bloomberg News.

MARKETING-INTERACTIVE has reached out to Tupperware Brands for a statement.

In the Asia Pacific region, Tupperware Brands appointed Nicholas Chay as its APAC digital director in 2021. Chay reported to Daniel Wood, VP for sales and marketing for APAC.

In the role, Chay was responsible for leading and supporting Tupperware's direct selling and omnichannel strategy implementation in APAC. He was also required to increase and accelerate the sales force experience and performance by using digital tools and technologies

Checks by MARKETING-INTERACTIVE revealed that Chay left the company 11 months later in August 2022.

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