The plastic pot, jar and container producer Tupperware Brands has initiated bankruptcy proceedings in the United States. In a press release the company says that is looking for a company to buy it out.
Workers at Aalst Tupperware factory fear for their jobs after Tupperware Brands files for bankruptcy in the US
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A household name in many countries around the world, Tupperware also has a factory in the East Flemish city of Aalst. The 260 people that work there are awaiting news about their future with trepidation.
In the United States Tupperware is entering a so-called Chapter 11 procedure, under which it will be given protection from its creditors. The aim is to allow operations to continue during the Chapter 11 proceedings and to attempt to find a buyer to “save the iconic brand".
The company has been in financial difficulty for some time and can no longer pay its debts that amount to 700 million dollars. Creditors gave Tupperware Brands some extra breathing space earlier this year, but the company has not been able to recover in time.
In a press release Tupperware’s CEO Laurie Ann Goldman said “In recent years, the company's financial position has been severely affected by the challenging macroeconomic environment. We looked at various strategic options and decided that this is the best way forward”.