That Seals It, Tupperware Is Going Bankrupt
Did the kids forget to include this product in their “grandmacore” trend? Tupperware . . . one of America’s most iconic brands . . . is going bankrupt after 78…
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Did the kids forget to include this product in their "grandmacore" trend? Tupperware . . . one of America's most iconic brands . . . is going bankrupt after 78 years. For anyone who grew up in the 70's and 80's, you no doubt had some Tupperware in the house. Maybe it was just the plastic containers you would use for leftovers or the iconic pitcher your mom used for your Kool-Aid.
The once-popular line of food-storage containers was launched in 1946 by a guy named Earl Tupper. That's why it's "Tupperware." We always wonder if old Earl is buried in an air sealed Tupperware coffin. Okay, joke aside, this is not great news for lovers of the brand that they grew up with. Of course there are so many other food storage options now.
What's up with Tupperware?
They've been struggling for years thanks to falling demand and more competition from off-brands sold on sites like Amazon. Not to mention the el cheapo take out black plastic containers that serve as excellent storage for our own leftovers. I bet most houses have at least one of those containers stashed somewhere in the kitchen, lord knows we certainly do!
Back when they were the only game in town, women threw "Tupperware parties" and sold sets to their friends.
The good news is it's a debt-restructuring thing, so Tupperware isn't going away completely. They're just doing it to deal with more than $700 MILLION of debt they've racked up.
But it still feels like the end of an era, because it won't be American-made at all soon. They announced in June they'd be closing their last U.S. factory and laying off 148 workers. A factory in Mexico is taking over production next year.
Tupperware stock was only at $1.18 a share to start the week, but fell to 50 cents when the bankruptcy news hit. The all-time high was around $90 a share in 2013.
(Reuters)
