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Tupperware Brands Corporation (NYSE:TUP) announced yesterday that it and some of its subsidiaries have voluntarily filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware.
In a filing, the company said, while its direct-selling business model thrived for years, in recent times the model’s historical strength had waned with time.
The company’s focus on its direct sales strategy came at the cost of developing an omnichannel strategy or even a modern e-commerce structure to support its sales force.
The operational deterioration stressed the firm’s capital structure by 2022-end, the filing read.
“Over the last several years, the Company’s financial position has been severely impacted by the challenging macroeconomic environment,” said Laurie Ann Goldman, President and Chief Executive Officer of Tupperware.
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Tupperware plans to seek court approval to maintain operations throughout the proceedings and remains dedicated to delivering its products via Tupperware sales consultants, retail partners, and online channels.
The company will also request court approval to initiate a sale process for the business to safeguard its brand and further its transformation into a digital-first, technology-driven organization.
Goldman stated that the company explored various strategic options and concluded that pursuing this path would provide essential flexibility for their transformation into a digital-first, technology-driven organization better equipped to serve stakeholders.
The company will submit several standard motions to the court seeking approval to sustain its operations during the process.
This includes ensuring the ongoing payment of employee wages and benefits, as well as compensating vendors and suppliers under normal terms for goods and services received after the filing date, Tupperware added.
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