Tupperware Brands Corp. has filed for Chapter 11 bankruptcy protection after enduring years of declining sales and increased competition, as highlighted by its significant asset and liability ranges.
The bankruptcy filing follows a long period of negotiations with lenders over $700 million in loans, yet despite some breathing room granted, the business continued to deteriorate.
Once a household name in food storage, Tupperware's struggles intensified as they announced plans to discontinue their sole U.S. factory and lay off nearly 150 employees.
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