tupperware has filed for bankruptcy protection, you may have used its lunch box
2024-09-18
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tupperware, a well-known american home furnishings company, announced on the 17th that the company and some of its subsidiaries have filed for bankruptcy protection.
tupperware brands is an iconic american brand known worldwide for its plastic food containers. it was founded by chemist earl tupper in 1946 and is a 78-year-old company. the factory in the small town of hemingway, south carolina, has produced billions of kitchen cabinet nails since it opened 48 years ago. the sealed plastic containers produced helped families who were still struggling during the post-war and great depression periods to extend the shelf life of food. in the early days, its products were promoted at parties held by suburban housewives. soon, tupperware became the preferred brand for plastic containers.
as the company rapidly grew, it opened a facility in south carolina in april 1976 to meet demand east of the mississippi river.
in 1993, tupperware threatened to move to tennessee, but south carolina offered tax breaks, allowing the company to stay and grow its workforce to 1,300.
since then, the 900,000-square-foot food factory has produced 173 million tubs and containers made from tupperware's signature colorful plastic.
according to local media reports, tupperware was forced to lay off 300 employees in 1996 and 250 in 2005 due to a decline in sales caused by large retailers launching their own brands of plastic products.
in april, tupperware warned it had "substantial suspicion" its business could struggle due to falling demand for plastic containers and mounting debt. in a filing with the u.s. securities and exchange commission, the company said it was in "severe financial condition."
the plant’s closure was announced on thursday, june 13, and will take effect later this year, with production at the plant moving to lerma, mexico.
according to afp, tupperware president and ceo laurie ann goldman issued a statement on the same day saying that the company's financial situation has been severely affected by the macroeconomic environment in the past few years. "therefore, we have explored a variety of strategic options and determined that this is the best way forward. this process is designed to provide us with the necessary flexibility as we seek strategic alternatives to support our transformation into a digital-first, technology-led company."
the statement also said the company will seek to continue operating during the bankruptcy process and will continue to pay wages to employees and suppliers and provide high-quality products to customers.
tupperware is known for its iconic sealed plastic containers, but sales have been declining in recent years, and plans to distribute through large chain target have failed to reverse its fortunes. the company's stock price was traded at $0.5099 on the 16th, far lower than $2.55 in december last year.
(source: comprehensive from china news network, north american business telecommunications)
