Tupperware Brands Corp and some of its subsidiaries have filed for Chapter 11 bankruptcy protection, giving in to dwindling demand for its once-iconic food storage containers and mounting financial losses.
In recent decades, Tupperware shed its reputation as a design trendsetter, much less an engine of female empowerment. Tupperware has been planning to file for bankruptcy protection after breaching the terms of its debt and enlisting legal and financial advisers,The company listed $US500 million-$US1 billion in estimated assets and $US1 billion-$US10 billion in estimated liabilities, according to bankruptcy filings in the US Bankruptcy Court for the District of Delaware, which showed the number of creditors to be between 50,001-100,000.
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