Already last summer, a warning sign came that the crisis was acute. In June, Tupperware announced that it planned to close its only factory in the USA and lay off the employees.
Tupperware has, prior to the application for bankruptcy protection, negotiated with lenders for months to try to reach an agreement on how to handle loans of more than 700 million dollars (approximately 7.1 billion kronor).
The lenders have agreed to certain debt relief, but the company's sales have continued to plummet. Bankruptcy protection gives the company an opportunity to implement structural changes to save the company from liquidation.
The company was founded by Earl Tupper in 1946 and has achieved great success over the years, including through so-called Tupperware Parties, where a host or hostess invites friends over to demonstrate the products.
