Tupperware, known for its plastic food containers, has filed for Chapter 11 bankruptcy after years of declining sales and financial problems.
CEO Laurie Ann Goldman said the tough economy has hurt the company. Bankruptcy will help Tupperware reorganize and shift to a digital, tech-focused business.
Tupperware used to sell mainly through "Tupperware parties" but started selling at Target in 2022. The brand has struggled with younger customers and growing concerns about plastic.
In April 2023, Tupperware warned it might go out of business. Although it secured funding and cut debt, it still closed its only U.S. factory and laid off 148 workers.
Tupperware is an almost ubiquitous brand in U.S. households, so of course people had some feelings about the declaration—namely, how they were going to inform their mothers and grandmothers, who bought all the Tupperware in the first place.
Others had theories about why people weren't buying Tupperware these days.
Some folks pointed to a downside of the clear Tupperware.
This was also how many people learned that Tupperware is a specific brand, not the name of any container you put leftovers into.
Pretty powerful to have the brand name become synonymous with the thing itself.
Tupperware stock is currently trading around 51 cents USD per share.
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