Company Intends to Continue Providing
Customers with Award-Winning, Innovative Products through
Tupperware Sales Consultants, Retail Partners and Online at
Tupperware.com
ORLANDO,
Fla., Sept. 17, 2024 /PRNewswire/
-- Tupperware Brands Corporation ("Tupperware" or the
"Company") (NYSE: TUP), an iconic global brand, today announced
that the Company and certain of its subsidiaries have voluntarily
initiated Chapter 11 proceedings in the
United States Bankruptcy Court for the District of
Delaware (the "Court").
Tupperware will seek Court approval to continue operating during
the proceedings and remains focused on providing its customers with
its award-winning, innovative products through Tupperware sales
consultants, retail partners and online. The Company will also seek
Court approval to facilitate a sale process for the business in
order to protect its iconic brand and further advance Tupperware's
transformation into a digital-first, technology-led company.
Following the appointment of a new management team within the
last year, Tupperware has implemented a strategic plan to modernize
its operations, bolster omnichannel capabilities and drive
efficiencies to ignite growth. The Company has made significant
progress and intends to continue this important transformation
work.
"Whether you are a dedicated member of our Tupperware team,
sell, cook with, or simply love our Tupperware products, you are a
part of our Tupperware family. We plan to continue
serving our valued customers with the high-quality products
they love and trust throughout this process," said Laurie Ann Goldman, President and Chief
Executive Officer of Tupperware.
"Over the last several years, the Company's financial position
has been severely impacted by the challenging macroeconomic
environment. As a result, we explored numerous strategic options
and determined this is the best path forward. This process is meant
to provide us with essential flexibility as we pursue strategic
alternatives to support our transformation into a digital-first,
technology-led company better positioned to serve our
stakeholders," added Goldman.
Additional Information
There are no current changes to Tupperware's independent sales
consultant agreements.
The Company will file certain customary motions seeking Court
approval to support its operations during the process, including
the continued payment of employee wages and benefits as well as
compensating vendors and suppliers under normal terms for goods and
services provided on or after the filing date.
Additional information and other documents related to the
proceedings are available online at
https://dm.epiq11.com/Tupperware or by contacting the Company's
claims agent, Epiq, at Tupperware@epiqglobal.com or by calling
toll-free at (888) 994-6318 or +1 (971) 314-6017 for calls
originating outside of the U.S.
Kirkland & Ellis LLP is serving as legal advisor to
Tupperware, Moelis & Company LLC is serving as the Company's
investment banker, and Alvarez & Marsal is serving as the
Company's financial and restructuring advisor.
Cautionary Statement Concerning Forward-Looking
Statements
Statements in this Press Release that are not historical are
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Such statements include but are not limited to: statements
regarding the Company's continued operation of the business; the
Company's ability to pay for continuing obligations, including, but
not limited to, employee wages, vendors, suppliers for goods,
services, taxes, and insurance; and any assumptions underlying any
of the foregoing. Words such as "anticipate," "continue," "intend,"
"may," "plan," "should," and "will" and variations of such words
and similar expressions are intended to identify such
forward-looking statements.
These forward-looking statements are not guarantees of future
performance and involve risks, assumptions, and uncertainties,
including, but are not limited to: the Company's ability to fund
its planned operations and its ability to continue as a going
concern; the adverse impact of the Chapter 11 cases on the
Company's business, financial condition, and results of operations;
the Company's ability to improve its liquidity and long‑term
capital structure; the Company's ability to maintain relationships
with customers, employees, and other third parties as a result of
the Chapter 11 cases; the effects of the Chapter 11 cases on the
Company and the interests of various constituents, including
holders of the Company's common stock; the Company's ability to
obtain court approvals with respect to motions filed or other
requests made to the Bankruptcy Court throughout the course of the
Chapter 11 cases; risk associated with third-party motions in the
Chapter 11 cases; and other risks and uncertainties described from
time to time in the Company's filings with the SEC.
Should one or more of these risks or uncertainties materialize,
or should underlying assumptions prove incorrect, actual results
may vary materially from those indicated or anticipated by such
forward‑looking statements. Accordingly, you are cautioned not to
rely on these forward-looking statements, which speak only as of
the date they are made. The Company expressly disclaims any current
intention, and assumes no duty, to update publicly any
forward-looking statement after the distribution of this Press
Release, whether as a result of new information, future events,
changes in assumptions, or otherwise.
About Tupperware Brands Corporation
Tupperware Brands Corporation, the company that invented a
solution to food waste, empowers female entrepreneurship through
social selling and made the home party famous, is as relevant today
as when it was founded in 1946. Tupperware is a leading designer,
manufacturer, and distributor of authentic, high-quality and
ingeniously innovative products that people love and trust. The
Tupperware® brand became a part of the fabric of
Americana and is famous around the globe. For more information,
visit Tupperwarebrands.com or follow Tupperware
on Facebook, Instagram, LinkedIn and Twitter.
Media Contacts:
Tupperware
media@Tupperware.com
Edelman Smithfield
TupperwareBrands@EdelmanSmithfield.com
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SOURCE Tupperware Brands Corporation