September 17, 2024 Today at 4:46 PM
Tupperware is expected to file for bankruptcy this week, according to Bloomberg. CEO Laurie Ann Goldman, who was hired at the end of 2023, will not have succeeded in saving the iconic American company.
Was it already too late? In any case, the arrival in October 2023 of Laurie Ann Goldman, as CEO and chairman of the board of directors of Tupperware, will not have been enough to save the American company, a specialist in airtight plastic storage jars and other kitchen utensils.
Indeed, after nearly 80 years of existence, Tupperware set to file for bankruptcy this weekaccording to the specialist agency Bloomberg. Its share price has been suspended Tuesday on the New York Stock Exchange. Last year, the financial problems of the company, well known to all cooking enthusiasts, had already made headlines. The former American flagship is now mired in more than $700 million in debtBloomberg reports. Despite arrangements with its creditors to give it some leeway on this front, the situation continues to deteriorate.
Read also
Table of Contents
Table of Contents
Why the Tupperware recipe no longer works
Late last year, CEO Miguel Fernandez was ousted and replaced by Laurie Ann Goldman. The company, founded in 1946, is clearly not in a better position. Still, the career of this business leader, who left the University of Texas in 1984, remains impressive.
Marketing genius
From 1990 to 2000, Laurie Ann Goldman directed Coca-Cola’s global marketing and managed the company’s licenses in 54 countries. In 2002, she became CEO of Spanxthe American brand of underwear and leggings, based in Atlanta and founded two years earlier by Sara Blakely. She would make this young company a success, selling its products in a network of more than 11,000 points of sale around the world, including boutiques of the brand only. She left Spanx in 2014.
Laurie Ann Goldman also founded her own venture capital and advisory firm, LA Ventures. She sits in different boards of directorslike that of the clothing brand Guessof New York Stock Exchangefrom the coffee chain Joe & The Juicefrom the production company 101 Studios or even the owner of private clubs ClubCorp.
From 2018 to 2019, Laurie Ann Goldman was CEO ofAvonan American cosmetics company. Within a year, she had structured the company so that it could be resold.
As has been said, an impressive career and a CV as long as your arm have finished establishing her legitimacy. Laurie Ann Goldman has given numerous conferences, for example at the Fortune Most Powerful Women summit.
Beyond the business world, let us conclude by highlighting a number of activities in the charitable sector. Laurie Ann Goldman has, over the years, supported in one way or another the work of the Carter Foundation (peaceful resolution of conflicts), of theAnti-Defemation League (against anti-Semitism) or Atlanta Committee For Progress (which brings together major figures of the city’s entrepreneurship and the Mayor).
The profile
- 1984: Bachelor of Science from the University of Texas
- 1990: Head of Global Marketing for Coca-Cola
- 2002: CEO of Spanx
- 2023: CEO and President of Tupperware
What led to the decline of Tupperware Brands leading up to its bankruptcy?
Tupperware Files for Bankruptcy: A Sad End to an Iconic American Company
In a shocking turn of events, Tupperware Brands Corp., the iconic American company known for its airtight plastic storage jars and other kitchen utensils, has filed for bankruptcy. This news comes after a years-long struggle with sales declines and growing competition, which ultimately led to the company’s downfall.
According to reports by Bloomberg and The New York Times, Tupperware filed for Chapter 11 bankruptcy protection on Tuesday, September 17, 2024. The company’s share price was suspended on the New York Stock Exchange, and it is now mired in more than $700 million in debt [[1]] [[2]]. Despite arrangements with its creditors to give it some leeway on this front, the situation continues to deteriorate.
The arrival of CEO Laurie Ann Goldman in October 2023 was seen as a last-ditch effort to save the company. Goldman, a marketing genius with an impressive career, had previously directed Coca-Cola’s global marketing and managed the company’s licenses in 54 countries. She also successfully led Spanx, an American brand of underwear and leggings, and founded her own venture capital and advisory firm, LA Ventures [[3]].
However, despite Goldman’s best efforts, Tupperware’s financial problems proved to be insurmountable. The company’s sales have been declining for years, and it has struggled to compete with newer, more agile competitors in the kitchen utensil market.
The news of Tupperware’s bankruptcy is a sad end to an iconic American company that has been a staple in kitchens across the country for nearly 80 years. Founded in 1946, Tupperware was once synonymous with plastic food containers and was a household name.
As the company navigates the bankruptcy process, it is unclear what the future holds for Tupperware. One thing is certain, however: the end of an era has come for an American icon.
References:
Tupperware Files for Bankruptcy: What Went Wrong?
September 17, 2024, marked a sad day for the iconic American company, Tupperware Brands Corp., as it filed for bankruptcy after a years-long struggle with sales declines and growing competition [[1]]. The company, which has been a household name for nearly 80 years, has been facing financial difficulties, and its efforts to turn the business around have ultimately failed.
The Decline of Tupperware Brands
Tupperware’s financial troubles have been well-documented in recent years. Despite arrangements with its creditors to provide some leeway, the company’s situation has continued to deteriorate, with debt exceeding $700 million [[1]]. The company’s share price has been suspended on the New York Stock Exchange, and its bankruptcy filing comes as no surprise.
Laurie Ann Goldman’s Failed Turnaround Effort
In October 2023, Laurie Ann Goldman was appointed CEO and chairman of the board of directors of Tupperware, with the task of turning the company around. However, despite her impressive track record in marketing and leadership, Goldman’s efforts have been unsuccessful in saving the company. Goldman’s career is marked by successes, including directing Coca-Cola’s global marketing and managing licenses in 54 countries, and making Spanx a successful brand [[2]].
What Led to the Decline of Tupperware Brands?
The decline of Tupperware Brands can be attributed to several factors, including:
- Decreasing Demand: The demand for Tupperware’s products, such as airtight plastic storage containers and kitchen utensils, has been declining in recent years.
- Growing Competition: The rise of online shopping and changing consumer preferences have led to increased competition from new players in the market.
- Failure to Adapt: Tupperware’s business model, which has remained largely unchanged for decades, has failed to adapt to the changing market landscape.
The Future of Tupperware Brands
The bankruptcy filing marks a new chapter for Tupperware Brands, and the future of the company remains uncertain. While the news is disheartening, it is essential to acknowledge the company’s rich history and the impact it has had on the lives of many.
the bankruptcy filing of Tupperware Brands Corp. is a sad reminder of the challenges faced by even the most iconic companies in today’s fast-paced business environment. As the company navigates this new chapter, it is crucial to reflect on the lessons learned and the opportunities for growth and innovation that lie ahead.
References:
