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Tupperware Brands plans to file for bankruptcy

Deccan Herald · 7m

Tupperware Brands is reportedly preparing to file for bankruptcy as soon as this week, according to sources familiar with the plans. This move comes after years of struggling to revive the business amid declining demand for its products. The company, known for its plastic food storage containers, has breached the terms of its debt and has enlisted legal and financial advisers to assist with the bankruptcy process. Tupperware has faced significant challenges in recent years, including closing its only US factory in June and laying off employees. The brand, which introduced its iconic plastic products with airtight seals to the public in 1946, has been grappling with changing consumer preferences and mounting debt. This development marks a significant turning point for the once-ubiquitous household name in food storage solutions.