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Edelman Smithfield is working Tupperware Brands' Chapter 11 as the 75-year-old direct sales-marketing to homes company puts itself on the auction block.
The Orlando-based consumer products company says it wants to hammer out a sale “in order to protect its iconic brand and further advance Tupperware's transformation into a digital-first, technology-led company.”
The company has struggled with a challenging macroeconomic environment over the past several years, according to Laurie Ann Goldman, who was brought in as CEO in 2023. She is the founder/CEO of LA Ventures, an investment and advisory firm.
After exploring various strategic options, Tupperware decided that Chapter 11 was the best way to protect its plan to modernize operations, bolster omnichannel capabilities and drive efficiencies.
”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,” said Goldman.
Tupperware’s stock last traded at 51 cents each, off its 52-week high of $1.20.
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