Tupperware Brands reportedly plans to file for bankruptcy, Bloomberg reports
The kitchenware company has been struggling with declining sales and debt
Tupperware Brands, the kitchenware company known for its iconic plastic containers, is reportedly planning to file for bankruptcy, according to a report from Bloomberg. The company has been struggling with declining sales and debt for years, and the COVID-19 pandemic has only exacerbated its financial problems.
Tupperware's struggles
Tupperware has been facing a number of challenges in recent years, including competition from cheaper brands and the rise of online retailers. The company has also been criticized for its high prices and lack of innovation. As a result, Tupperware's sales have been declining for years, and the company has been struggling to keep up with its debt payments.
The COVID-19 pandemic
The COVID-19 pandemic has further hurt Tupperware's business. The company's sales have plummeted as people have stayed home and avoided social gatherings. Tupperware has also been forced to close many of its stores, which has further reduced its revenue.
Bankruptcy filing
According to Bloomberg, Tupperware is now planning to file for bankruptcy as early as next week. The company is reportedly in talks with lenders to secure financing to help it through the bankruptcy process. If Tupperware files for bankruptcy, it would be the latest in a string of retail bankruptcies in recent years.
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