Tupperware is said to be filing for protection from creditors this week, but this remains to be seen as the kitchenware maker has been declared close to being bankrupt for three years.
Debt mountain
Tupperware has run out of plastic jars big enough to stow away its debts, which have been growing to 700 million dollars. The well-known brand would no longer be able to repay the debts and wants to apply to court for protection from creditors, Bloomberg heard from insiders. However, the plans are not yet confirmed.
This is the third year in a row that the plastic kitchenware manufacturer has been declared “near death”. The home-selling pioneer, with its famous parties, appointed a new CEO just last year and even enjoyed a temporary resurgence when meme investors (briefly) sent the share price soaring.
Creditors agreed to a debt restructuring earlier this year, but that would not prove sufficient as both interest rates and raw material costs rise. In June, the company decided to close its only remaining plant in the United States.
