Who else remembers the fear of losing our mothers’ Tupperware containers as kids, knowing very well how much they loved and valued those containers?
Unfortunately, according to a report by Bloomberg, Tupperware Brands (Tupperware), is looking to file for bankruptcy sometime this week. This is allegedly due to the company having struggled for years to revive their business that has been hit with a lack of demand for their products.
Tupperware has also apparently sought protection from a court after their party breached the terms of their loan after securing the loan earlier this year.
The preparations to file for bankruptcy will come after lengthy negotiations between Tupperware and several lenders, aimed at finding ways to manage their debt of over US$700 million (RM2.9 billion).
Though, this may not be the end as a Tupperware representative told Bloomberg that the plan to file for bankruptcy is not final and could change.
In June, Tupperware closed down their only factory in the US and laid off about 150 employees, after spending decades at the top of the plastic container industry thanks to women living in suburban areas.
They then continued to prosper through direct sales by countless amateur sellers throughout their nearly 80 years of operations.
What do you think about this? Do feel free to share your thoughts in the comment section.
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