A US bankruptcy judge approved a sale of Tupperware Brands on Tuesday, paving the way for the iconic food-storage company to soon exit Chapter 11 protection and continue offering its products while undergoing a hoped-for revitalization, the reports. Under terms of the deal, which is still subject to closing conditions, a group of lenders is buying Tupperware's brand name and various operating assets for $23.5 million in cash and more than $63 million in debt relief.
Tupperware agreed to the lender takeover last week, pivoting from a previously planned asset auction. The brand said it expects to operate as The New Tupperware Co. upon completion of the deal.
Going forward, customers in "global core markets" will be able to purchase Tupperware products online and through the brand's decades-old network of independent sales consultants, but the new company is set to be "rebuilt with a start-up mentality," Tupperware said. Tupperware Brands, the company that revolutionized food storage decades ago, has filed for Chapter 11 bankruptcy protection. The company plans to continue operating and will seek court approval for a sale, it said just before midnight on Tuesday.
The company is seeking bankruptcy protection amid growing struggles to revitalize its business, reports the . Tupperware sales growth improved during the early days of the COVID-19 pandemic, but overall sales have been in steady decline since 2018 due to rising competition. And financial troubles have continued to pile .
