Tupperware Brands plans to file for bankruptcy, Bloomberg News reports (updated)

Tupperware Brands

16/09/2024 21:14

(Adds shares in paragraph 2, details on bankruptcy preparations
throughout)
       Sept 16 - Tupperware Brands  TUP.N  is preparing to file
for bankruptcy as soon as this week, Bloomberg News reported on
Monday, citing people familiar with the matter.
    The company's shares were down 59% at 48 cents after the
bell.
    Tupperware is planning to enter court protection after it
breached the terms of its debt and enlisted legal and financial
advisers, according to the report.
    The bankruptcy preparations follow protracted negotiations
between the home-goods company and its lenders over how to
manage more than $700 million in debt, Bloomberg News reported.
    Tupperware did not immediately respond to a Reuters request
for comment.

 (Reporting by Juveria Tabassum; Editing by Shounak Dasgupta)
 ((Juveria.Tabassum@thomsonreuters.com))