Iconic Brand Once Sold at Home Parties is Reportedly Close to Bankruptcy

It was once in just about every home, now the company behind it is reportedly ready to file for bankruptcy.

The Street is reporting Tupperware is on the verge of Chapter 11 bankruptcy as its sales have dropped in recent years.

Where Did Tupperware Get Its Name?

Nearly 80 years ago, Tupperware's food storage containers started to find their way into homes at a rate that seemed like it would never let up.

"Tupperware is named after Earl Tupper, a chemist in the 1940s who created lightweight, non-breakable plastic containers inspired by the seal-tight design of paint cans," CNN wrote in 2023.

The drive behind the invention was to help families better save food (and money) following World War II.

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While some stores were slow to start carrying to containers, they still ended up in homes thanks to "parties" where a host would show Tupperware products and try to get guests to purchase them on the spot.

The method worked as interest in both Tupperware and the social events continued to grow.

What Happened To Tupperware?

Eventually, Tupperware started to face greater competition. Home parties started to become a thing of the past as more of the products found their way into stores.

This also sent sales plummeting while Tupperware amassed a sizable amount of debt.

The Street says Tupperware's net sales were down 16 percent in Q3 of last year. In the same report, the website says Tupperware was looking to permanently shutdown a manufacturing facility in South Carolina in favor of moving operations to Mexico.

"The company had been negotiating the terms of more than $700 million in debt with its lenders, and had agreements in place on the violations, but its financial situation did not improve," The Street is reporting.

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