Here is something I thought I would never see. One of the most iconic brands of the last 100 years is filing for bankruptcy - Tupperware.
How Things Went Down Hill
The kitchenware maker filed for Chapter 11 bankruptcy this week, after years of declining sales. Tupperware rose to prominence in the mid-20th century thanks to its unique direct-sales model that had people host "Tupperware parties" for their friends and neighbors. But the company says its model has become a 'weakness' in the age of online sales.
Can Tupperware Survive
According to WESH, Tupperware is fighting a tough battle. “The party is over for Tupperware,” Susannah Streeter, head of money and markets at UK investment platform Hargreaves Lansdown, said in a note. “There is still a chance a buyer for the business can be found but, with plastic seen as far from fantastic among eco-aware consumers, revitalizing the brand will be an uphill struggle.”
The Orlando-based company will remain in business but will close its only U.S. factory after this year. It employs about 5,500 people worldwide.
