Tupperware Agrees to Sale Amid Bankruptcy, Plans Refocused Market Strategy
Tupperware has reached a tentative agreement to sell its business a few weeks after filing for bankruptcy.
Lender groups Stonehill Capital Management Partners and Alden Global Capital will be involved in the private purchase of all Tupperware’s intellectual property, including the Tupperware brand and its portfolio of products, in addition to operating assets in the U.S and those owned by foreign subsidiaries.
Tupperware’s Efforts
Tupperware was plagued by an outdated operating model.
In 2022, the company hired an EVP of supply chain to help optimize its supply chain network, according to an earnings report last year, with the goal of shifting from a primarily direct-selling distribution model to building a new consumer-facing company within an omnichannel ecosystem.
Also read: Nestle Reorganizes Operations To Drive Digital Transformation
Last year, Tupperware sought to transform its go-to-market strategy by hiring CEO and president Laurie Ann Goldman.
"Over the last year, we created a new strategy and operating approach that is digital-first, technology-led, and asset-light, and preserved a global footprint for the company," said Goldman in a statement. "We've made tremendous progress and are delighted this group of forward-thinking investors share our vision and will partner with us to grow."
The Go-Forward Plan
The new company will focus on core global markets including the U.S., Canada, Mexico, Brazil, China, Korea, India, and Malaysia — with a potential future presence in additional Asian markets and Europe.
Tupperware products will continue to be available via e-commerce sites, retail partners in these core global markets, and independent sales consultants.
As part of the transition, Tupperware will wind down operations for segments of the business outside of the core global markets.
Tupperware Brands was founded in 1946 and began with home-party sales before expanding into retail sales and e-commerce.
