Could this be the end of an era as Tupperware reports bankruptcy after 60 years in business?

by Limpho Nonkonyane

Over the years, the Tupperware brand has brought many families together where mothers, grandmothers and aunties bonded over newly released storage containers. Hope for the brand to continue thickening as it may go out of business after 60 years.

As per reports by the website, the award-winning brand has seen a court appeal where it hopes to transform the brand into a more digital-first company.

Speaking on this technological transformation, CEO of Tupperware Laurie Ann Goldman said, “Whether you are a dedicated member of our Tupperware team, sell, cook with, or simply love our Tupperware products, you are a part of our Tupperware family. We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process.”

She further explained, “Over the last several years, the Company’s financial position has been severely impacted by the challenging macroeconomic environment. 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.”

According to the news publication, IOL, the company had filed for bankruptcy after being in a R12 billion debt, adding that because the company did not pay the loan agreements in time, the interest rate went up.

The above-mentioned source adds that in June the company retrenched about 150 employees and also replaced CEO Miguel Fernandez with Laurie Ann Goldman in hopes of fixing the issues at hand.

Many X (formerly known as Twitter) users shared their thoughts on the recent development:

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