Chemist Earl Tupper developed Tupperware in 1946. Described as "flexible plastic" storage containers in early newspaper articles, Tupper's invention became a pop culture phenomenon in part thanks to its affordability and marketing schemes like 1950s-era "Tupperware Parties." Now the BBC reports that the company is in danger of going under after 77 years—and Tupperware's shares are tanking in response. In a statement late last week, the company said there is "substantial doubt" that it will be able to continue, reports Reuters.
As a result, the company's stock prices dropped a whopping 48% when trading began Monday. NBC News notes that they fell below $2, down from about $100 a decade ago. Once an American backyard cookout staple, Reuters notes that Tupperware's business picked up during the 2020 COVID-19 lockdowns—more people were cooking at home. Once consumers were dining out again, Tupperware found its direct sales model facing challenges, in part due to the pandemic-related explosion in shopping online. Last month, CEO Miguel Fernandez referenced a hopeful "post-pandemic phase," but it is challenged by Tupperware's financial issues—which reportedly include an earnings misstatement that could lead to trouble with creditors.
Tupperware has 3 million independent salespeople in nearly 70 countries, but as the BBC notes, the company just began selling products via Target in the US to grab the attention of a younger customer base and diversified its inventory, adding cooking accessories like the MicroPro Grill, which works with microwaves. Tupperware, however, is facing a market glutted with competition and more storage options than ever. In the new statement, Miguel Fernandez said that "Tupperware has embarked on a journey to turn around our operations." (More Tupperware stories.)
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