Tupperware Brands, the company known for its plastic containers, is expected to exit bankruptcy after Delaware bankruptcy court approved the sale of the company to a group of lenders.
Under the terms of the sale, Stonehill Capital Management Partners and Alden Global Capital will acquire Tupperware, including name and operating assets, for $23.5 million in cash. The deal will also see the company receive a debt relief of $63 million.
Tupperware filed for bankruptcy back in September after its business failed to recover after the pandemic, and the company breached the terms of its debt. It initially planned to auction off its assets before a sale proposal.
Moving forward, Tupperware intends to do business as The New Tupperware and take a “start-up mentality.” The company will focus on its core markets, including the United States, Canada, and Latin America while exiting markets that have a history of poor performance. It will continue to rely on online sales and an iconic network of independent salespeople.
“Tupperware is considered the inventor of the party-selling model and made no-leak food conservation products famous. 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,” Tupperware CEO Laurie Ann Goldman said in a statement. “We’ve made tremendous progress and are delighted this group of forward-thinking investors share our vision and will partner with us to grow.”