Tupperware Brands files for bankruptcy

Tupperware Brands Corporation, a manufacturer of food storage containers, filed for bankruptcy Wednesday due to financial losses in recent years.

"Over the last several years, the Company's financial position has been severely impacted by the challenging macroeconomic environment," explained the multinational's executive chairwoman, Laurie Ann Goldman, adding that, after exploring "numerous strategic options," it has decided that "the best path forward" was to file for bankruptcy protection.

It is no surprise that Tupperware Brands Corporation has filed for bankruptcy. The company already warned, just over a year ago, that it was thinking of initiating this process due to its economic crisis. This warning caused its stock market value to plummet by almost 50%, with each share worth $1.3.

At the time, Tupperware Brands Corporation stated that there were "substantial doubt about the company’s ability to continue," as well as assuring that it was exploring ways of "addressing our capital and liquidity position."

However, Tupperware Brands Corporation has not been able to curb its crisis and had to execute certain measures to lower its expenses. One of them was to close its last factory, located in Hemingway, S.C., and move all its production to Mexico, where costs are lower than in the United States. The decision was made in June of this year. With that closure, 150 people were left unemployed and, three months later, the company filed for bankruptcy.

Tupperware Brands Corporation, founded in the 1940s in Massachusetts, became famous for its popular reusable food packaging containers. The company sold its products all over the world.