Tupperware: containers firm famed for 'party' model files for bankruptcy as stock and shares plummet - UK news

• Iconic food storage brand Tupperware is seeking court approval to sell the business
• Despite being a household name, it has faced competition from cheaper and modern alternatives
• Rising costs, decreased demand post-pandemic and market saturation have also eroded profit margins
• The company’s stock dropped over 50% following the bankruptcy reports
• Founded in 1946, Tupperware was known for pioneering airtight plastic containers

An iconic homeware brand found in millions of kitchen cupboards across the UK has filed for bankruptcy.

Tupperware - which was founded in the US but has become internationally famous - is grappling with declining sales, despite the name being so iconic it is often used to refer to any plastic container.

The food storage container company has announced it will seek court approval to initiate a sale of the business while aiming to continue its operations.

Despite efforts in recent years to update its products and appeal to a younger audience, Tupperware has struggled to differentiate itself from competitors, and the market is flooded with cheaper alternatives from other brands.

Younger consumers are also drawn to more modern, eco-friendly or reusable alternatives like glass containers or silicone bags.

"Over the last several years, the company's financial position has been severely impacted by the challenging macroeconomic environment," Tupperware's chief executive Laurie Ann Goldman said in a statement to investors.

After a brief spike in sales during the pandemic, when more people were cooking at home, demand has steadily declined. Rising raw material costs, increased wages and higher transportation expenses have also eroded profit margins.

Last year, the company warned it was at risk of collapse unless it secured new funding quickly. Shares in the company have dropped by more than 50% this week following reports of its bankruptcy plans.

Tupperware was founded in 1946 in the United States by Earl Tupper, an American chemist and inventor, and was known for its innovative airtight, stackable plastic containers designed for food storage.

The brand’s "burping" seals kept food fresh longer, and set it apart from other storage options at the time, making it a household name.

One of the key factors in Tupperware’s early success was the introduction of "Tupperware parties," a direct sales model pioneered in the 1950s.

These were home-based gatherings where a Tupperware consultant demonstrated the products to friends and neighbours, turning social events into sales opportunities. But Tupperware parties have all but died out in the age of online shopping.

What do you think about Tupperware's decline? Have you ever hosted or attended a Tupperware party, or do you have memories of the brand in your own kitchen? Share your thoughts and experiences in the comments section.