Tupperware, a company known worldwide for producing plastic containers with the same name, is about to declare bankruptcy and seek legal aid, given the endless drop in sales experienced by the companyaccording to information provided by Bloomberg.
The renowned company, which had already negotiated with its creditors this year, has debts worth 700 million dollars and plans to seek bankruptcy protection after breaching the terms of its debt and consulting with legal and financial advisers, people familiar with the matter told Bloomberg. In the last five days, the company’s shares have fallen more than 50%.
In March, Tupperware had already warned that its liquidity was at its lowest point and that any complications could have serious repercussions for the best-known producer of plastic containers.
In June, it planned to close its only U.S. plant and lay off nearly 150 employees. Last year, the company replaced its chief executive and several board members as part of a turnaround effort, naming Laurie Ann Goldman as its new chief executive, but the result of such restructuring was not what was desired.
In 1946, Tupperware introduced its plastic products to the world. Almost 80 years later, it could fall to the ground.
Source: www.jornaldenegocios.pt
