Tupperware Brands will relaunch in several “core countries” while withdrawing from others, the US manufacturer of plastic containers confirmed in a press release announcing a tentative acquisition agreement by a group of creditors.
The firm, renamed ‘The New Tupperware Company,’ will focus initially on core markets such as Brazil, Canada, China, India, Malaysia, Mexico, South Korea and the United States. This will be followed by expansion into Europe and additional Asian countries.
Non-core markets with substantial debt will see operations scaled back.
Tupperware, which operates a factory in Aalst employing 240 workers and about 45 additional staff in supporting roles, admits that this step is difficult but says it is necessary to secure the brand’s future.
The specific countries affected by the withdrawal have not been disclosed.
Customers will be able to purchase Tupperware products through brand representatives, online stores, and physical retail outlets.
The acquisition by creditors, including Stonehill Capital Management Partners and Alden Global Capital, is expected to be completed by the end of October.
In September, Tupperware filed for Chapter 11 bankruptcy protection with debts amounting to $700 million.
