Tupperware Brands filed for bankruptcy protection on Tuesday, citing years of sales decline and increasing competition. Per the New York Times, Tupperware is seeking court approval to sell the company and to keep operating during the bankruptcy case. The bankruptcy filing said the company had about $680 million in assets and $1.2 billion in debts.
Tupperware said it has nearly 5,500 employees in 41 countries, and more than 460,000 global consultants selling on a freelance basis.
Related: The Accountant Shortage Is So Bad That It’s Delaying Key Reports at Companies Like Tupperware
The airtight plastic container brand was developed by the chemist Earl Tupper in the 1940s. The brand’s success was propelled by a direct sales campaign called “Tupperware parties,” which involved a consultant demonstrating the products at a social gathering in someone’s home.
The method was effective and became a cultural touchstone. However, according to the Chapter 11 filing, Tupperware’s reliance on this tactic and failure to diversify sales strategies led to its undoing. “In stark contrast to the early days of the company, nearly everyone now knows what Tupperware is, but fewer people know where to find it,” wrote Brian J. Fox, Tupperware’s chief restructuring officer.
The company waited until 2022 to set up a storefront on Amazon, he added.
Social media sprung into action on the news, posting memes, tributes and love letters to the former stay-fresh giant.
All the mothers & aunties finding out Tupperware is filing for bankruptcy https://t.co/bfIln7daWe pic.twitter.com/W7Zw9la3Gm
— Westside Liar (@Blessing_int) September 18, 2024
Top Tupperware meme. #r4today pic.twitter.com/AhUyRI6Qd6
— JoeEsquire.bsky.social (@joecrayston) September 18, 2024
Related: The Manufacturer of a Staple American Home Brand Might Be Going Out of Business
