From: bigmongo1963@biteme.com   
      
   https://www.reuters.com/business/retail-consumer/tupperware-brands-files-   
   chapter-11-bankruptcy-2024-09-18/   
      
   Tupperware files for bankruptcy as its colorful containers lose relevance   
      
   By Reuters   
   September 18, 20246:52 AM EDTUpdated 4 hours ago   
      
      
      
   Sept 18 (Reuters) - Tupperware Brands (TUP.N), opens new tab filed for   
   Chapter 11 bankruptcy protection late on Tuesday, succumbing to mounting   
   losses amid poor demand for its once-iconic food storage containers.   
      
   The company's popularity exploded in the 1950s as women of the post-war   
   generation held "Tupperware parties" at their homes to sell food storage   
   containers as they sought empowerment and independence.   
      
   However, it has lost its edge to rivals making cheaper and more   
   environmentally friendly containers.   
      
   Last month, Tupperware raised doubts about its ability to remain in   
   business after flagging potential bankruptcy risk several times due to   
   liquidity constraints.   
      
   "Over the last several years, the company's financial position has been   
   severely impacted by the challenging macroeconomic environment," Chief   
   Executive Officer Laurie Goldman said in a statement.   
      
   The company said it intends to obtain court approval to continue selling   
   its products and charting out a sale process for the business.   
      
   The company has been trying to turn its business around for years after   
   reporting several quarters of falling sales.   
      
   A post-pandemic jump in costs of labor, freight and raw materials such as   
   plastic resin have also pressured its business.   
      
   Last year, the company's stock saw wild swings amid "meme stocks" rallies,   
   where retail investors coordinate on social media and typically focus   
   their speculative bets on companies that are financially struggling or   
   have high short interest.   
      
   Tupperware listed $500 million-$1 billion in estimated assets and $1   
   billion-$10 billion in estimated liabilities, according to bankruptcy   
   filings in the U.S. Bankruptcy Court for the District of Delaware. It   
   listed the number of creditors to be between 50,001 and 100,000.   
      
   In 2023, the company finalized an agreement with its lenders to   
   restructure its debt obligations, and signed investment bank Moelis & Co   
   to help explore strategic alternatives.   
      
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