Preparations underway
700 million in debt: Tupperware faces insolvency
The fresh food can manufacturer Tupperware is apparently on the verge of insolvency. The company could apply for creditor protection this week, the "Bloomberg" agency reported on Monday, citing people familiar with the matter.
The preparations for the insolvency application followed lengthy negotiations between Tupperware and its lenders over how to deal with debts amounting to more than 700 million dollars, the report said.
Tupperware did not initially respond to a request for comment. The company, which was founded in 1946 and became popular in the 1950s for its "Tupperware parties", has been struggling with financial difficulties for some time.
Tupperware share price collapses
Despite a brief upswing during the coronavirus pandemic, sales have declined in recent quarters. The company had already warned of liquidity problems in March and expressed doubts about its continued existence. The company's shares plummeted by 15.8 percent in after-hours trading after the news was announced, having already fallen by 57 percent in regular trading.
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