Having kept the nation’s leftovers fresh for almost 80 years, Tupperware is now facing imminent collapse as its iconic food containers fail to impress younger consumers.
The 77-year-old company, famous for inspiring ‘Tupperware parties’ since the 1950s and even used by the late Queen, is desperately seeking fresh funding to stay afloat.
Although the company was founded in a small town in Massachusetts, it has left its mark on British culture and even though the company still uses people throwing Tupperware parties at home to sell its goods, it has been focusing more and more on its online business lately.
However, demand for plastic containers has declined as the world becomes more environmentally conscious, while the increase in takeaways and working from home is also believed to have affected business.
In addition, some customers have been put off by the high price, with a 12-piece set of containers now costing £149.99.
With its share price plummeting Tupperware has expressed ‘substantial doubt’ that it can continue, as its forecasts indicate that it may not have ‘adequate’ cash levels ‘in the near term’.
If Tupperware goes bankrupt, it would be another household name disappearing from the retail world. CEO Miguel Fernandez said the company had embarked on a journey to turn around its operations and was taking immediate action to secure a lifeline.
