Tupperware maker of colourful tiffin boxes bankrupt!
Tupperware maker of colourful tiffin boxes bankrupt!
Even now, you will see colourful Tupperware tiffin boxes, lunch boxes or water bottles in the hands of people walking on roads, metros, buses or vehicles to the office. But Tupperware, the maker of tiffin boxes, is now on the verge of being declared bankrupt due to financial crisis. Tupperware Brands and its subsidiary have filed an application in the Bankruptcy court of Delaware, USA, to be declared bankrupt after suffering huge losses.
Financial condition deteriorated
According to a Reuters report, Tupperware not only makes colourful tiffin boxes or lunch boxes, but it also makes airtight storage boxes for food items for storage in the kitchen. But for the last few years, the financial condition of the company had become very bad. The company's President and CEO Laurie Ann Goldman said that the company's financial condition has been badly affected due to challenging macroeconomic conditions in the last few years.
Increase in cost and decline in sales became a problem
During the Corona epidemic, when people were staying at home, the demand for airtight plastic containers increased. Due to this, there was a huge increase in the company's sales. But since the epidemic, the sharp rise in the prices of raw materials like plastic resin along with the cost of labor and freight affected the company's operating margin, from which it has not been able to recover. In august 2024 also, Tupperware cited cash crunch.
Tupperware became popular in the 1950s
Tupperware has a debt of about $ 700 million i.e. around Rs 5880 crore, for which it was talking to lenders for a long time. Now the company has applied to declare bankruptcy. Tupperware's popularity peaked in the 1950s when post-war women seeking empowerment and independence held Tupperware parties in their homes to sell food storage containers. The American company Tupperware was founded in 1942 by Earl Tupper.