Food container maker Tupperware files for bankruptcy

Company's financial position severely affected by challenging macroeconomic environment in last several years, says CEO

By Ovunc Kutlu

ISTANBUL (AA) - Tupperware has filed for bankruptcy after years of financial struggles.

The American plastic food storage container manufacturer and its subsidiaries have voluntarily initiated Chapter 11 proceedings in the US Bankruptcy Court for the District of Delaware, it said Tuesday in a statement.

"Over the last several years, the Company's financial position has been severely impacted by the challenging macroeconomic environment," said President and CEO Laurie Ann Goldman. "As a result, we explored numerous strategic options and determined this is the best path forward.”

Tupperware saw its shares plummet 57.5% on Monday on the New York Stock Exchange.

Kaynak:

This news has been read 54 times in total