There are some brands out there that are so classic, iconic, and ubiquitous that their names have become synonymous with the products themselves. Kleenex and Band-Aid are prime examples, and so too is Tupperware. Despite Tupperware's undeniable brand recognition, however, the food storage container company has just announced its hit some trying times and might go out of business.
The company released a statement on April 7 regarding their precarious financial state, in which it shares that its board of directors is "actively engaged with management to improve the company's capital structure and near-term liquidity." Financial advisors have been called in for guidance in securing more funding through partnerships and investors.
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Tupperware has been a mainstay in homes since the 1940s. Its products provide a much-needed function for storing leftovers and other food items, boasting more than 8,500 design and utility patents for solution-oriented kitchen and home products. Tupperware is also keen on its mission of providing eco-friendly alternatives to single-use products with similar functions.
Alas, this history and these intentions haven't been enough to keep the company in the green as of late. "The company has concluded there is substantial doubt about its ability to continue as a going concern," reads the statement.
It's hard to say what the future holds for the conglomerate, but in the meantime, be sure to hold fast to your Tupperware while you still can.