Tupperware Brands is set to file for bankruptcy as soon as this week, Bloomberg News reported on Monday, citing people with knowledge of the plans.
After the bell, the company’s shares were down 15.8% at 43 cents. They closed down 57%.
Established in 1946 by chemist Earl Tupper, the firm had an explosive rise in popularity during the 1950s as women of the post-war era held “Tupperware parties” at their homes to sell food storage containers as they sought empowerment and independence.
Families that stayed home during the COVID-19 epidemic cooked more and had a lot of leftovers, which increased sales. As the world reopened, sales have decreased in the most recent quarters.
Tupperware is to seek court protection after breaching the terms of its loan and enlisted legal and financial experts, as per a Bloomberg News report.
As per reports, the bankruptcy preparations come after long negotiations between Tupperware and its lenders over how to manage more than $700 million in debt.
