Tupperware Voluntarily Initiates Chapter 11 Proceedings

Tupperware, a global brand, and certain of its subsidiaries have voluntarily initiated chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware._x000D_
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Tupperware will seek court approval to continue operating during the proceedings and remains focused on providing its customers with its 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 brand._x000D_
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“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,” Laurie Ann Goldman, president and CEO of Tupperware, said. “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.”_x000D_
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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._x000D_
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Kirkland & Ellis is serving as legal advisor to Tupperware, Moelis is serving as the company’s investment banker and Alvarez & Marsal is serving as the company’s financial and restructuring advisor.