Tupperware Brands Corp. (TUPBQ) has reached a deal to sell its business to a consortium of secured lenders, notably including Stonehill Capital Management Partners and Alden Global Capital. This agreement encompasses a private sale of all necessary intellectual property to innovate and market Tupperware’s brand and products, along with its operating assets in the United States and other international subsidiaries.
The newly established Tupperware Company will operate with a start-up mindset, utilizing an agile methodology across different dynamic phases. Initially, its concentration will be on key markets worldwide, such as the United States, Canada, Mexico, Brazil, China, Korea, India, and Malaysia. Plans are in place to extend into European and further Asian markets subsequently.
Completion of this transaction is anticipated by the end of October 2024, pending approval from the United States Bankruptcy Court for the District of Delaware, along with standard closing contingencies. Post-closure, The New Tupperware Company will be privately owned under the stewardship of the Lender Group.
Tupperware and specific subsidiaries voluntarily commenced Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware on September 17, 2024.
