Tupperware files for bankruptcy, citing ‘challenging’ economic environment
CNN
Tupperware Brands Corporation, whose food containers have been a mainstay in American kitchens, has filed for bankruptcy.
Tupperware Brands Corporation, whose food containers have been a mainstay in American kitchens, has filed for bankruptcy. “Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment,” Laurie Ann Goldman, Tupperware president and CEO, said in a statement late Tuesday. “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.” Tupperware rang the alarm bells in April 2023, when it disclosed in a regulatory filing that it could go out of business. The company said at the time that, if it didn’t find more cash, it would no longer be able to fund its operations. Tupperware found that lifeline four months later, when it reached a deal with its creditors to reduce its interest payment obligations by $150 million. It also secured $21 million in new financing, an extension on the deadline for paying back about $348 million in debt and a reduction in the amount of debt it owed by around $55 million. But the company’s finances still declined following the deal.
Nippon Steel is expected to re-file its application for a national security review by American regulators of its $15 billion takeover bid of US Steel, sources familiar with the matter told CNN on Tuesday, buying Japan’s largest steelmaker an additional 90 days to close its acquisition of an American rival after political opposition emerged in an election year.
So far, the attacks that targeted Iran-backed Lebanese militant group Hezbollah members through their pagers have had devastating consequences. At least nine people, including an eight-year-old girl, were killed, and at least 2,800 were wounded. Over 150 of those injured are in critical condition, according to the Lebanese health minister.