After a troubling couple of months on the stock market, the household brand name that has been around for decades is facing possible closure.
According to the BBC, the 77-year-old company is struggling to appeal to a younger market causing shares to dip by nearly 50%.
Known and loved by South Africans for its innovative and durable food storage containers, it was founded by American businessman and inventor Earl Tupper in 1948 and revolutionized the way people store and transport food.
Tupper had a background in plastics engineering and was looking for a way to bring his expertise to the mass market. He created a line of containers made from a new type of plastic that was durable, airtight, and lightweight. These containers were unlike anything else on the market at the time, and they quickly gained popularity among housewives who were looking for a way to keep their food fresh for longer.
For the uninitiated, one of the key features of Tupperware containers is their airtight seals. The lids are designed to create a vacuum seal that keeps air out, which helps to prevent food from spoiling. This feature makes Tupperware containers ideal for storing leftovers, as well as for taking food on the go. Tupperware containers are also microwave-safe, which means that they can be used to reheat food without having to transfer it to another container.
In a statement on its website, Tupperware said its board was actively engaged with management to try and turn the situation around saying : “The company has engaged financial advisers to assist in securing supplemental financing, and is engaging in discussions with potential investors, or financing partners. In addition, the company is reviewing its real estate portfolio for property available for potential dispositions or sale-leaseback transactions, and is exploring right-sizing efforts, monetisation of fixed assets, cash management, and marketing and channel optimization, to preserve or deliver additional liquidity.”
The popular product also gave rise to many a meme.
