Iconic US brand Tupperware announced this Wednesday that it has requested bankruptcy protection.
The company hired Kirkland & Ellis as legal advisor, Moelis & Company as investment banker and Alvarez and Marsal as legal advisor for the proceeding, according to a company press release.
“Over the last several years, the Company’s financial position has been severely impacted by the challenging macroeconomic environment. As a result, we explored numerous strategic options and determined this is the best path forward. This process is meant to provide us with essential flexibility as we pursue strategic alternatives to support our transformation into a digital-first, technology-led company better positioned to serve our stakeholders,” added Goldman.
Tupperware became emblematic for innovation in the domestic sphere with its Tupperware parties in 1950s, which allowed its salesforce to sell the air-tight containers through direct marketing events organized by its largely female sales force.
By Staff
