Tupperware files for bankruptcy as its once-iconic containers lose relevance
Tupperware Brands Corp. TUP.N and some of its subsidiaries filed for Chapter 11 bankruptcy protection on Tuesday, giving in to dwindling demand for its once-iconic food storage containers and mounting financial losses.
The company’s struggles resumed after a short-lived pandemic boost, when increased home cooking briefly drove demand for its colourful, airtight plastic containers. A post-pandemic jump in costs of raw materials such as plastic resin, as well as labour and freight, further dented Tupperware margins.
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