Brief by Shorts91 Newsdesk / 02:07pm on 18 Sep 2024,Wednesday Business
Tupperware Brands has filed for Chapter 11 bankruptcy protection amid declining demand and rising costs. The company, known for its food storage containers, reported assets between $500 million and $1 billion and liabilities ranging from $1 billion to $10 billion. Tupperware’s financial troubles worsened after a brief pandemic-related surge in sales. Rising raw material, labor, and freight costs have exacerbated the issue. In 2023, the company struggled with $700 million in debt and engaged Moelis & Co for strategic advice. The bankruptcy filing aims to address the company’s liquidity crisis and restructure its debt.
