Tupperware, the iconic brand known for its brightly colored plastic storage containers, warned it could soon go out of business. Founded in 1946 by chemist Earl Tupper, the company became popular for the way it sold its products – through representatives selling door-to-door – much like the cosmetics company Avon.
The Orlando-based company benefited from a surge in demand as the lockdown-induced home cooking prompted consumers to use Tupperware containers to store leftovers.
But that surge is over. The company said it had “engaged financial advisors to help improve its capital structure and remediate its doubts regarding its ability to continue” in an SEC filing.