(RTTNews) - Tupperware Brands Corp. (TUP) announced late Tuesday that it has initiated Chapter 11 proceedings, along with certain of its subsidiaries, in the United States Bankruptcy Court for the District of Delaware.
The company will seek Court approval to continue operating during the proceedings, and also to facilitate a sale process for the business in order to protect its iconic brand and further advance its transformation into a digital-first, technology-led company.
Tupperware said it has made significant progress in implementing a strategic plan to modernize its operations, bolster omnichannel capabilities and drive efficiencies to ignite growth.
Laurie Ann Goldman, President and Chief Executive Officer of Tupperware, said, "Over the last several years, the Company's financial position has been severely impacted by the challenging macroeconomic environment. As a result, we explored numerous strategic options and determined this is the best path forward."
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