Are you familiar with Tupperware?
Tupperware, which has been operating for 78 years, has filed for bankruptcy after struggling to keep the business afloat.
The brand has become so popular that people would use the word “Tupperware” when referring to any plastic container.
“Nearly everyone now knows what Tupperware is, but fewer people know where to find it,” Brian Fox, Tupperware Chief Restructuring Officer, wrote in a court filing in the U.S. Bankruptcy Court for the District of Delaware.
According to the food storage container company, it will ask for court permission to conduct a 30-day bidding process for the entire company and aims to continue operating.
After reports of the company planning to file for bankruptcy, its shares have fallen by over 50 percent within one week.
Although Tupperware tried to hop on the trend to pursue a younger audience, it failed to compete with other brands.
Tupperware was founded in 1946 by Earl Tupper, who patented the containers’ flexible airtight seal. Its pioneering saleswoman Brownie Wise helped make the brand into a household name by selling Tupperware to women in their homes. Soon, “Tupperware parties” were born.
Tupperware is now sold in 70 countries globally.
