The company that revolutionized food storage and preservation on the brink of bankruptcy

Founded nearly eight decades ago by chemist Earl Tupper, the company changed the way food was stored and transported. Inspired by the revolutionary hermetic lid design on paint cans, Tupper created his masterpiece, Tupperware, a container that did not allow food to lose quality and taste when stored in the refrigerator. This invention, now found in every home around the world, could lose its original manufacturer, Tupperware, after it declared possible bankruptcy if it doesn’t get immediate funding.

The 77-year-old company said in a statement that there are “substantial doubts” about its ability to “continue as a going concern.” the influence of Closures in China due to the pandemic, accumulated debt, competition, lack of innovation, declining sales due to inability to attract the young public and increased costs. they brought the company to the edge of the financial cliff. Tupperware has admitted that it foresees the possibility of not having liquidity in the short term, which puts its going concern at risk. To avoid the shutdown scenario, the company says it is working with financial advisers to secure the funding it needs to ensure its viabilityEven real estate sales and job cuts are being explored.

“Tupperware is doing everything it can to mitigate the impact of recent events, and we are taking immediate steps to seek additional financing and address our financial situation,” said Miguel Fernandez, the company’s president and CEO.

stock market crash

American company Tupperware added two trading days in the green yesterday plunging more than 48 percent last Monday after announcing its dire economic situation.

Specifically, Tupperware shares rose 4.54% in last Tuesday’s session, and are up around 1.5% this Wednesday. So the price was $1.32 (€1.20), still $1.10 (€1.01) below the title’s value last Friday, before the bad news about the state of the business.

Moreover, if the situation were not delicate enough, its shares are at risk of being delisted from the New York Stock Exchange as the company has yet to file its annual report.

Fabulous Tupperware Parties

Shortly before its consumer launch, The Tupperware’s first product, the Wonder Bowl, a container that offered unique advantages over traditional containers; it was lighter and less prone to breaking compared to glass and traditional tableware. In 1946, Earl Tupper began marketing after the introduction of revolutionary airtight lids, which coincided with the beginning of the post-war baby boom.

Despite its innovative nature, tupperware did not sell as well as expected. They were mainly distributed in hardware stores and other outlets; however, the consumer needed the demonstration to understand how they worked.

It was Brownie Wise who saw the great potential of these products in 1948 and introduced a more effective way to reach consumers: in-person demonstrations. The products were taken off the shelves and sold directly through popular “Tupperware parties” held in private homes to promote and sell these containers.

Over the years, this product found its way into homes around the world and the brand name is used to denote all similar packaging.

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