“We plan to continue providing our customers with the high-quality products they love and trust throughout this process,” Laurie Ann Goldman, the company’s CEO, said in a statement to investors., external.
The company’s shares fell more than 50% this week following reports that it was planning to file for bankruptcy.
Tupperware has struggled for years to stem declining sales in the face of lower-cost competition.
While sales briefly spiked during the pandemic as people cooked more at home, the company has seen demand continue to decline.
Rising raw material prices, rising wages and transportation costs also affected profit margins.
Tupperware has dominated the market for years and has become synonymous with food storage containers, so many people use the name Tupperware when referring to plastic containers.
The company was founded in 1946 by Earl Tupper, who patented a flexible airtight seal for containers.
It became popular in the 1950s and 1960s when people would throw “Tupperware parties” at their homes and sell the plastic containers to friends and neighbors.
