The company that’s been turning your Sunday dinner into Monday lunch for 77 years says its future is uncertain. Tupperware recently disclosed that it’s struggling to stay afloat and has hired advisors to help find a way to stay in business, causing its stock to nose-dive almost 50% yesterday.
After a brief surge in demand thanks to pandemic-era cooking (when everyone was eager to avoid losing their homemade tikka masala to spoilage), it’s been struggling with declining sales.
Unlike its signature plastic containers, Tupperware’s business plan might not have been airtight.
- For decades the company relied on its once groundbreaking strategy of having existing customers make sales at “Tupperware parties” in people’s homes.
- Since it’s unlikely anyone born after 1970 wanted to attend these ragers, it’s been forced to work with retailers. It partnered with Target last fall in an effort to reach younger consumers.
But Tupperware has had a hard time convincing Gen Zers and millennials that it’s more than an uncool brand that helped their parents feed them leftovers, and competition has been stiff.
Looking ahead…Tupperware says it’s trying to raise cash from investors and is looking into selling off some of its real estate. But, it’s unsure if it’ll be able to avoid bankruptcy.
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