look news india
Tupperware is known for making kitchenware. The company's lunch boxes, water bottles and other items are frequently used. Also, the company's airtight plastic containers for storing kitchen utensils are available in almost every home. But now the company is lagging behind the competition. The company has a debt of $700 million i.e. about Rs 5860 crore. After failing to repay its debt due to a decline in sales, this company has applied for bankruptcy in the United States along with its other companies.
Sales affected
Tupperware is an American company. It was started in the year 1946. Tupperware has been a popular brand for colorful kitchen utensils. Its products are available in many countries of the world including India. In the last few years, this company has been incurring huge losses. The chairman and CEO of the company said that the financial condition of the company has been very bad for the last several years. This has had a bad effect on the financial condition of the company.
The cost of raw materials has added to the problem
After the Corona period, the price of many essential raw materials like plastic resin has increased. Along with this, the hard work of the people working in the company also increased. Apart from this, the company's margin also decreased due to increase in the cost of transportation of goods. The company was incurring losses. In August, the company had said that it was facing a cash crunch. Apart from this, the company also told its investors that the company has a huge debt, due to which it is facing difficulty in running the business.
How much debt does the company have?
The company has filed a bankruptcy petition in the US court. The company had indicated about this last year itself. It can become a bankrupt debtor. The company has a debt of 700 million dollars i.e. Rs 5860 crore. According to the report, preparations for bankruptcy began after long discussions with lenders.