![]() ![]() Despite adapting to direct-to-consumer sales and stocking shelves in Target, increased competition and diminishing nostalgia around the brand led to declining sales. But the business model that once enabled the company's rise eventually led to its fall. ![]() In a news release Thursday, chief financial officer Mariela Matute said she is "confident" in the restructuring plan.įounded in 1946 by chemist Earl Tupper, the food container brand quickly became a household name as women began selling the product in their homes in what was coined Tupperware parties. In addition to reducing its interest payments on debt by $150 million, Tupperware secured a borrowing capacity of up to $21 million, reduced its debt by $55 million and got a deadline extension to repay $348 million in interest and fees to the 2027 fiscal year. But he said the company "has not solved all its long term issues. "By coming to various agreements on its debt, Tupperware has bought itself breathing space," said Neil Saunders, the managing director of the analytics company GlobalData. Tupperware recently entered meme stock territory, with individual investors sending the company's shares soaring 541 percent between July 21 and July 31, a boost reminiscent of spikes seen in the past for troubled retailers Bed Bath & Beyond and GameStop.īut Tupperware's near-term restructuring prospects seem more promising to analysts. Subscribe to The Post Most newsletter for the most important and interesting stories from The Washington Post. The very first instance of a meme containing the caption 'Big Chungus' was posted by Tumblr user gayreinhardt, now logarto, on November 19th, 2016, and contained an image of a Second Life life character bearing the nickname, as well as a second image showing a message from BigChungus reading, 'gender is for smaller, lesser beings.' (shown below. The market reacted positively - shares rose 35 percent Friday. Now it appears it may be getting a second life.Īlmost four months after the Orlando-based food storage company expressed "substantial doubt" about its viability as sales slumped, Tupperware on Thursday announced a deal to restructure its debt. The eulogies had all but been written for Tupperware, a brand once so prolific that it became synonymous with an entire product category. ![]()
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