October 28, 2024 15:45

The American food storage container manufacturer Tupperware, in voluntary Chapter 11 proceedings since September, may soon be acquired by a group of its secured lenders, including Stonehill Capital Management Partners and Alden Global Capital.

The transfer of tangible and intangible assets could conclude by the end of the month, pending approval from the U.S. Bankruptcy Court for the District of Delaware and other closing conditions.

“Over the last year, we created a new strategy and operating approach that is digital-first, technology-led and asset-light, and preserved a global footprint for the company,” said Laurie Ann Goldman, Tupperware’s president and CEO, who joined last year to spearhead the brand’s revival. “We've made tremendous progress and are delighted this group of forward-thinking investors shares our vision and will partner with us to grow."

The revival plan for the “New Tupperware” involves restructuring with a start-up mentality to make the company more agile for dynamic market phases. The initial focus will be on core markets, including the U.S., Canada, Mexico, Brazil, China, South Korea, India, and Malaysia, with plans to expand into Europe and additional Asian markets later.
However, operations in global markets outside these core regions, particularly those with high liabilities, will be discontinued.

“Winding down parts of the company will be a difficult but necessary decision to protect the future of the Tupperware brand,” Goldman added. “Change and disruption are challenging, but at times needed to move forward.”

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