Tupperware . . . one of America’s most iconic brands . . . is going bankrupt after 78 years.
The once-popular line of food-storage containers was launched in 1946 by a guy named Earl Tupper. That’s why it’s “Tupperware.”
They’ve been struggling for years thanks to falling demand and more competition from off-brands sold on sites like Amazon.
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)
