Tupperware Files for Chapter 11 Bankruptcy, Seeks Court-Supervised Sale
ORLANDO, Fla., September 17, 2024 --
Tupperware Brands Corporation and certain subsidiaries filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware. The company plans to keep operating during the case and will ask the court to approve a sale process for the business to protect the brand and continue its shift to a digital-first, technology-led company.
President and Chief Executive Laurie Ann Goldman said the challenging economic environment had severely hurt the company's finances for several years and that, after exploring many strategic options, management decided bankruptcy was the best path forward. Tupperware said its independent sales consultant agreements are not changing, and it will keep selling through consultants, retail partners and its website.
The filing is an event of default that accelerated obligations under Tupperware's 2021 credit agreement and its August 2024 bridge loan. Kirkland and Ellis is serving as legal adviser, Moelis and Company as investment banker and Alvarez and Marsal as financial and restructuring adviser.
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