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Iconic Tupperware Brands Seeks Chapter 11 Bankruptcy

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NEW YORK — Tupperware Brands, which revolutionized food storage decades ago, has filed for Chapter 11 bankruptcy protection.

Tupperware, based in Orlando, Florida, intends to continue operations during the bankruptcy proceedings and will seek court clearance for a sale “in order to protect its iconic brand,” the firm announced shortly before midnight on Tuesday.

The corporation is seeking bankruptcy protection as it attempts to revitalize its operations. Tupperware sales increased slightly during the early stages of the COVID-19 epidemic, but overall sales have been steadily declining since 2018 owing to increased competition. Financial difficulties have continued to mount for the corporation.

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Iconic Tupperware Brands Seeks Chapter 11 Bankruptcy

Doubts about Tupperware’s future have persisted for some time. Last year, the company sought extra financing as it warned investors about its capacity to continue operations and the prospect of being delisted from the New York Stock Exchange.

The NYSE issued the company an extra non-compliance warning for failing to publish its annual results with the Securities and Exchange Commission earlier this year. In recent months, Tupperware has continued to raise concerns about its capacity to stay solvent, with an August securities filing citing “significant liquidity challenges.”

Tupperware filed for bankruptcy on Tuesday, reporting more than $1.2 billion in total obligations and $679.5 million in total assets. The company’s shares have plunged 75% this year and finished Tuesday at around 50 cents each.

“The reality is that the decline at Tupperware is not new,” Neil Saunders, managing director of GlobalData, wrote in a commentary on Wednesday. “It is very difficult to see how the brand can get back to its glory days.”

Saunders explained that many consumers have been switching to cheaper home storage brands, and that competition has increased over time, particularly with the advent of online platforms like Temu and retailers like Target beefing up their own home storage and kitchenware brands.

Tupperware’s origins go back to 1946. According to the company’s website, shortly after the Great Depression, chemist Earl Tupper found inspiration while making moulds at a plastics factory, embarking on a mission to create an airtight seal for a plastic container, similar to that on a paint can, to assist families in saving money on food waste.

The brand enjoyed tremendous expansion in the mid-twentieth century, particularly with the introduction of Tupperware parties, which began in 1948. Tupperware parties, in particular, provided many women with the opportunity to run their own businesses from the comfort of their own homes, selling their products to social circles.

The approach worked so successfully that Tupperware finally pulled its products from retailers. In Tuesday’s bankruptcy statement, the firm stated that there are no immediate modifications to Tupperware’s independent sales consultant agreements.

According to court records filed Tuesday, Tupperware now employs over 5,450 people in 41 countries and works with a global sales force of over 465,000 consultants who sell products on a freelance basis in approximately 70 nations.

Tuesday’s announcement also mentioned plans to “further advance Tupperware’s transformation into a digital-first, technology-led company,” potentially indicating a shift towards increased reliance on the brand’s website or more online-focused marketing, though the company did not provide specifics.

In a statement, Tupperware President and CEO Laurie Ann Goldman recognised the company’s recent financial problems and stated that the bankruptcy process is intended to provide “essential flexibility” while it pursues this transformation. She also stated that the brand was not going anywhere.

Iconic Tupperware Brands Seeks Chapter 11 Bankruptcy

“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,” Goldman stated in an email. “We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process.”

Goldman, who previously served as CEO of Spanx, was appointed CEO of Tupperware in October 2023, as part of a bigger leadership transition. Over the last year, the corporation has established a new management team.

SOURCE | AP

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics.

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Sonic the Hedgehog Dominates Christmas Wish Lists

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Sonic the Hedgehog Merchandise are hot Christmas Items

Sonic the Hedgehog is dominating Christmas wish lists this year. The lovable blue hedgehog is back in the spotlight, from sonic the hedgehog toys and games to sonic the hedgehog coloring pages and movie hype.

Sonic-themed holiday merchandise is on fire, from quirky sweaters to action figures flying off shelves. Sonic the Hedgehog Christmas outfits for kids are selling out fast, making them a go-to gift option for festive fun.

Retailers have been quick to recognize Sonic’s holiday appeal. Special promotions and exclusive items, like the Sonic holiday t-shirts, are everywhere.

Everyone’s stocking up on Sonic merchandise, from big-box stores to boutique retailers.

Online shopping platforms are seeing a surge in searches for Sonic items. Whether it’s Sonic Christmas-themed tops or Sonic the Hedgehog coloring pages, Sonic the Hedgehog toys or Sonic and the Hedgehog 3, the demand is skyrocketing.

Retailers who tap into this trend are sure to see strong holiday sales.

Sonic has been around since the early 90s, but his popularity never wanes. With the release of Sonic 3, fans are more excited than ever.

sonic the hedgehog 4

Sonic the Hedgehog 4

Meanwhile, Paramount Pictures is preparing “Sonic the Hedgehog 4,” with the newest addition in the family-friendly genre set for a spring 2027 release.

The announcement comes as “Sonic 3” opens in theatres on Friday, estimated to gross $55 million to $60 million from 3,800 North American locations.

The sequel is shaping up to be a good holiday season blockbuster for Paramount, which explains the desire in future “Sonic” adventures. On the international front, the film will be released on Christmas Day in 52 markets.

On Rotten Tomatoes, critics gave “Sonic 3” an outstanding 87% fresh score.

The first two films grossed a total of $725.2 million at the global box office and generated over $180 million in global consumer expenditure through home entertainment rentals and digital purchases.

They also inspired a spinoff Paramount+ series, “Knuckles,” which premiered earlier this year.

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Amazon Strike Called By Teamsters Union 10,000 Walkout

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Amazon Strike Called By Teamsters Union
Teamsters members were demonstrating at "hundreds" of other Amazon locations.

An Amazon strike has hit facilities in the United States in an effort by the Teamsters union to pressure the corporation for a labour agreement during a peak shopping season.

The Teamsters union told the Associated Press that Amazon delivery drivers at seven facilities in the United States walked off the job on Thursday after the firm failed to discuss a labour contract.

According to the union, Amazon employees in Teamsters union jackets were protesting at “hundreds” of additional Amazon facilities, which the union billed as the “largest strike” in US history involving the company.

The corporation, which employs over 800,000 people in its US delivery network, stated that its services will be unaffected.

It was unclear how many people, including members of Germany’s United Services Union, participated in Thursday’s demonstration. The Teamsters union reported that thousands of Amazon employees were implicated in the United States.

Amazon Strike at 10 Locations

Overall, the group claims to represent “nearly 10,000” Amazon strikers, having signed up thousands of people at roughly ten locations across the country, many of whom have joined in recent months.

The organization has claimed recognition from Amazon going on strike, claiming the firm illegally neglected its obligation to bargain collectively over salary and working conditions.

The Teamsters is a long-standing US union with nearly one million members. It is well-known for securing lucrative contracts for its members at companies like delivery behemoth UPS.

Most of the Teamsters’ Amazon campaigns have concerned drivers working for third-party delivery companies that partner with the tech behemoth.

Amazon denies that it is liable as an employer in those circumstances, which is a point of legal contention. In at least one case, labour officials have taken a preliminary stance in favour of the union.

Stalled Contract Negotiations

Amazon employees at a major warehouse on Staten Island in New York have also chosen to join the Teamsters. Their warehouse is the only Amazon facility in the United States where labour officials have formally recognized a union win.

However, the Amazon strike is because contract negotiations have not progressed since the 2022 vote. It was not one of the areas scheduled to go on strike on Thursday.

Amazon, one of the largest employers in the United States, has long received criticism for its working conditions and has been the target of activists seeking to gain traction among its employees.

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Amazon Encounters Numerous Strikes As Unions Aim At The Holiday Shopping Surge.

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(VOR News) – Thousands of Amazon employees at various sites across the country were scheduled to go on strike on Thursday in an effort by the Teamsters union to pressure the retail behemoth to acknowledge its unionised workers in the United States.

The walkout is expected to concentrate on seven Amazon locations across the country during the holiday purchasing surge and may be the most significant union action against Amazon in the nation’s history.

The business announced on Thursday morning that there had been no effect on operations. It also stated that it is “continuing to concentrate on fulfilling customers’ holiday orders.”

The International Brotherhood of Teamsters maintains that it represents more than 10,000 Amazon employees and contractors in aviation centres, warehouses, and delivery centres.

Amazon has refused to acknowledge the union for many years.

The retail giant, which employs approximately 1.5 million individuals, excludes contractors and part-timers. A strike has been initiated by delivery couriers and warehouse employees at seven distinct locations in order to exert pressure on the company to negotiate a collective bargaining agreement that would encompass modifications to compensation, amenities, and working conditions.

Picketing was intended for New York, Atlanta, Los Angeles, San Francisco, and Skokie, Illinois.

Also, the Teamsters assert that they are establishing picket lines at “hundreds” of additional warehouses and delivery centres by encouraging non-unionized workers to picket under U.S. labour law, which protects workers’ ability to take collective action to further their interests.

“Amazon workers are exercising their power,” Randy Korgan stated to NPR.

“They now realise there is a pathway to take on a corporate giant like this – and that they hold the power.” Amazon responds by accusing the Teamsters of fabricating information regarding the strikes, asserting that the participants are “entirely” outsiders rather than employees or subcontractors of the corporation.

Amazon spokesperson Kelly Nantel stated that “the reality is that they were unable to secure sufficient support from our employees and partners and have invited external parties to harass and intimidate our team.” For more than a year, the Teamsters have been intentionally misleading the public by claiming to represent “thousands of employees and drivers.” They do not.

The Teamsters did not provide a specific duration for the strike; however, they informed NPR that it would extend beyond one day. Workers would receive $1,000 per week in strike money, as per the union.

Teamsters President Sean O’Brien issued a statement in which he stated, “If your package is delayed during the holidays, you can attribute it to Amazon’s insatiable greed.” We established a firm deadline for Amazon to attend the meeting and treat our members equitably. They disregarded it.

The Teamsters granted until December 15 to convene with its unionised employees and develop a collective bargaining agreement.

Amazon has opposed all unionisation efforts in court, asserting that unions were not advantageous to its employees and emphasising the compensation and benefits that the organisation currently provides.

Amazon has been accused of discriminatory labour practices on numerous occasions, including the termination of labour organisers. Furthermore, it has disputed its official status as a contract employer.

Teamsters organize Amazon delivery couriers and other employees.

In June, Amazon established its first unionised warehouse in Staten Island, New York, two years after making history by voting to join the fledgling Amazon Labour Union, which is also affiliated with the Teamsters.

The union is one of the most influential in the United States and Canada, with 1.3 million members. On Thursday, the German United Services Union declared that Amazon employees in Germany would participate in a strike in conjunction with their American counterparts.

In the past, Amazon has experienced demonstrations in Germany and Spain that were related to the holiday season in order to advocate for improved wages and working conditions.

“The holiday season has arrived.” Delivery is anticipated. Patricia Campos-Medina, the executive director of Cornell University’s Worker Institute, asserts that “this is the moment in which workers have control over the supply chain.”

The Teamsters have reported that Amazon’s profits have increased both during and after the pandemic. The corporation is currently valued at over $2.3 trillion, with net income of $15 billion in the most recent quarter alone. It is the second-largest private employer in the United States, following Walmart.

SOURCE: NPR

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