Tupperware Brands files for bankruptcy

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Fugitive fraud-accused Michael Lomas is back in SA.
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Michael Lomas back in South Africa. 
File: Geordin Hill-Lewis, Cape Town Mayor. (RODGER BOSCH / AFP)
Fugitive fraud-accused Michael Lomas is back in SA.
 
WASHINGTON -Tupperware Brands and some of its subsidiaries filed for Chapter 11 bankruptcy protection, the food container firm said in a statement.
The company, known for its trademark food storage containers, has been hit by dwindling sales in recent years.
Last year the New York-listed firm warned of “substantial doubt” about its ability to keep operating in light of its poor financial position.
“Over the last several years, the Company’s financial position has been severely impacted by the challenging macroeconomic environment,” president and CEO Laurie Ann Goldman said in a statement announcing the bankruptcy filing.
“As a result, we explored numerous strategic options and determined this is the best path forward,” added Goldman.
The company said it would seek court approval for a sale process for the business to protect its brand and “further advance Tupperware’s transformation into a digital-first, technology-led company.”
The Orlando, Florida-based firm said it would also seek approval to continue operating during the bankruptcy proceedings and would continue to pay its employees and suppliers.
“We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process,” Goldman said.
The firm’s shares were trading at  $0.5099 Monday, well down from $2.55 in December last year.
Tupperware said it had implemented a strategic plan to modernize its operations and drive efficiencies to ignite growth following the appointment of a new management team last year.