Tupperware's financial woes follow a proliferation of free restaurant to-go boxes after a pandemic-era surge in delivery and carryout orders, and an onslaught of competition from cheaper food storage containers like Clorox's GladWare.
Popularized by suburban housewives hawking plastic tubs at private parties in the 1950s, Tupperware has lost its edge to rivals making cheaper, hipper and more environmentally friendly containers, analysts told Reuters.
Shares touched a three-year low of $1.21 on Monday. The Orlando, Florida-based company said it was looking at ways to "right-size" and monetize fixed assets.that the company had brought in advisers from Moelis & Co, Kirkland & Ellis LLP and Alvarez & Marsal ahead of a potential bankruptcy.National rivals like Newell Brands Inc
Even amid a rise in home cooking and associated kitchen gadgets during the pandemic, "the main problem for Tupperware is that there are lot more competing brands that shoppers can select from," said Neil Saunders, managing director at GlobalData. In 2022, Rubbermaid gained market share in each of its subcategories, Saligram said. Newell Brands has a market cap of $5.2 billion compared with Tupperware's $112.6 million., maker of Presto.
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