USA: Tupperware Brands Corporation is preparing to file for bankruptcy, with reports indicating that the company could take this step as soon as this week, according to Bloomberg News.
Tupperware, once a household staple known for its durable food storage products, is facing serious financial trouble. According to Channel News Asia, Tupperware’s shares closed down 57%. After the bell, they dropped another 15.8% to 43 cents.
Founded in 1946 by Earl Tupper, the brand became a household name in the 1950s when women from the post-war era began hosting “Tupperware parties” in their homes to sell food storage containers, seeking empowerment and independence.
The company’s financial troubles stem from several factors, including over US$700 million (S$906.81 million) in debt.
Bloomberg News reported on Monday that Tupperware is preparing to seek court protection after breaching its debt agreements and bringing in legal and financial advisers.
Tupperware’s sales had surged during the COVID-19 pandemic when families were cooking at home and needed more food storage. However, as restrictions were lifted, sales declined sharply in recent quarters, contributing to the current crisis.
In March, the company said it was uncertain about its ability to continue operations and faced a liquidity crunch.
Netizens have taken to social media to share their reactions, with many expressing sadness over the brand’s troubles. Despite the bad news, many couldn’t help but praise the product’s longevity.
One commenter quipped, “This is what happens when you build things that last ‘forever’.”
Some fondly recalled the fear of misplacing a Tupperware container and facing their mother’s “wrath”. One user said, “Our childhood memories fear of misplacing it and face mum’s wrath… hahaha. Future kids are safe from mum’s wrath… hahaha.”
“Now all those mums will be even more protective than ever of their existing collections. If you want to pack lunch, dont ever ever use her Tupperware. Lose it, she’ll disown you,” another user added.
Some shared photos of containers they’ve had for 30+ years, with one commenter saying, “Think my mum has some in the cabinet… they’re older than me.”
One user said, “I have a number of Tupperware brands from super small to huge containers that I bought 20 years ago. Every twice in a month they have a catalogue with new products which I never miss to grab them.”
Others expressed they were sad to see the brand go. “No more Tupperware parties!” one user wrote.
“Sad, the best plastic water bottle that I have. Won’t crack or leak even after I dropped it so many times; other water bottles crack and leak easily,” another user noted.
One commenter quipped, “I just learnt that Tupperware is a brand name. OMG!”
Still, some netizens took a more critical view of the situation, pointing out that the brand’s downfall may have been due to its “complacency” and inability to adapt. “Tupperware’s struggles are a classic example of what happens when a brand doesn’t evolve,” said one user.
Another commenter noted how the brand failed to compete with many better designs and much cheaper brands.
Dubbed by commenters as the “Nokia” of containers, many wondered why the brand didn’t adapt to the modern online shopping era.
One commenter added, “Campbell Soup will soon be renamed as Campbell because they no longer just sell soup. That’s the way of moving forward in this challenging world.”
Though its financial struggles may soon lead it to bankruptcy, the brand will surely be remembered for its impact on the everyday lives of generations of households. /TISG
Featured image by Depositphotos