New Delhi: American company Tupperware Brands, which makes containers like tiffin and water bottles used in home and kitchen, is on the verge of bankruptcy. It has also filed for bankruptcy. Due to this news, the shares of Tupperware Brands fell by about 60 percent. On Tuesday, its shares closed at 0.51 cents, which were at 1.2 dollars on Friday. Tupperware Brands says that its sales are continuously decreasing, due to which it is no longer possible for it to run the business.

Increased popularity in the 1950s

Tupperware Brands was started in 1946. The founder was chemist Earl Tupper. After the Second World War, the popularity of Tupperware Brands grew rapidly in the 1950s. On the initiative of saleswoman Brownie Wise, many women started organizing 'Tupperware parties' in their homes to sell food storage containers. These parties were even considered a symbol of empowerment and freedom.

Tupperware was a great innovation as it used new plastic to keep food fresh for longer. It was a great option for many families to keep food fresh at a time when refrigerators were too expensive for most people. The popularity of this 78-year-old brand is so much that people use this name for any old food container. These products are sold in almost all countries including India.

Bad times started from last few years

Tupperware was struggling with declining sales for the last few years. Its sales definitely increased during Corona, when people were not going out of their homes. At that time, more cooking was happening and more food was also left over. Tupperware also tried to regain its foothold among the youth by giving a new look to its product, but it failed to stand out from its competitors. Its debt kept increasing and it failed to repay it due to declining income.

Tupperware has a debt of $700 million

Tupperware Brands had warned last year that if it failed to raise funds, it could go bankrupt (why Tupperware got bankrupt). Rising raw material costs, high wages and transportation costs have also affected Tupperware's profit margins. According to media reports, talks have begun between Tupperware and its creditors on how to manage debt of more than $700 million (Rs 5870.53 crore).