Tupperware: US-based kitchenware giant defaults, hands over control to creditors

Tupperware Brands Corporation, the iconic US-based kitchenware company, has filed for Chapter 11 bankruptcy protection and has handed over control of its business to its creditors.

The company, known for its colorful plastic storage containers and kitchen gadgets, has been struggling with declining sales and rising costs in recent years. The company has also faced competition from cheaper imports and the rise of online retailers such as Amazon.

Tupperware's Chapter 11 filing allows the company to continue operating while it reorganizes its finances and tries to turn around its business.

The company has already announced plans to close some of its factories and lay off workers. Tupperware also plans to sell off some of its non-core businesses.

The company's creditors have agreed to provide Tupperware with $150 million in financing to help it continue operating during the bankruptcy process.

Tupperware's bankruptcy filing is the latest in a string of bankruptcies by major retailers in recent years. Other retailers that have filed for bankruptcy in recent years include Toys "R" Us, Sears, and JCPenney.

The bankruptcy filing is a major blow to Tupperware, which was once a household name.

The company was founded in 1946 by Earl Tupper and quickly became a major player in the kitchenware industry. Tupperware's products were known for their durability and quality, and the company's sales force was known for its aggressive sales tactics.

In recent years, Tupperware has faced increasing competition from cheaper imports and the rise of online retailers.

The company has also been hurt by the decline of traditional department stores, which have been a major distribution channel for Tupperware products.