malaysiangWASHINGTON, Tupperware, maker of the iconic plastic kitchenware boxes, has filed for bankruptcy in the US after years of financial struggles, reported the German news agency (dpa).
Tupperware Brands Corp is seeking to sell the business while continuing to operate. It has officially filed for bankruptcy with Chapter 11 creditor protection under US bankruptcy law.
The US firm revolutionised the world of housewares with its bowls, dishes and kitchen containers, becoming a symbol of post-World War II prosperity.
But the Orlando-based company, founded in 1946 by Earl Tupper, has been struggling amid a fiercer competition in the market for household goods and booming online trading.
In recent months, the company has been negotiating with lenders to whom it owes several hundred million dollars.
According to a statement, the company said that the Tupperware brand can best be protected by selling the company.
Laurie Ann Goldman, president and chief executive officer of Tupperware, said on Tuesday: “Over the las
t several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment. As a result, we explored numerous strategic options and determined this is the best path forward.”
Source: BERNAMA News Agency
