It might be the end of the road for Tupperware
After 77 years, we might have to say goodbye to this iconic household staple.
Surely we all remember those trademark plastic food storage containers that were used to store almost everything in the house!
Tupperware has been a staple in households all over the world for 77 years, but due to its “poor financial position”, this might come to an end very soon.
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According to BBC News, the company has been trying to position itself to a younger audience but has failed to do so.
"Tupperware is being hit by a number of forces, including a sharp decline in the number of sellers, a consumer pullback on home products, and a brand that still does not fully connect with younger consumers," said Neil Saunders of GlobalData.
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"The company used to be a hotbed of innovation with problem-solving kitchen gadgets, but it has really lost its edge."
When the market opened on Monday following its April 7 disclosure, shares of the company plunged 50 per cent and lingered at a depressed level in successive days.
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The firm dates back to 1946, when chemist Earl Tupper "had a spark of inspiration while creating moulds at a plastics factory shortly after the Great Depression," according to Tupperware's website.
During the 1950s and 1960s, Tupperware became popular across the world when people held the all-too-famous "Tupperware parties" in their homes to sell plastic containers for food storage.
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