Is This the End of the Tupperware Party?

Tupperware has indicated that its business may not survive due to waning demand for its plastic containers and mounting debt. The firm said in an SEC filing that it's in a challenging financial condition and would miss its deadline to file a 2023 annual report. The 77-year-old company said it likely doesn’t have enough money to last another year. Tupperware was founded in 1946 by chemist Earl Tupper and became famous for its airtight food storage containers made of polyethylene. Its products soared in popularity throughout the 1950s, thanks in part to its iconic Tupperware parties, when a salesperson would visit someone’s home to demonstrate and sell the containers. The COVID-19 pandemic provided a boost in Tupperware sales, as families stayed indoors and cooked more meals at home, but since then the company has suffered for poor sales and increasing debt. Its share price has dropped to its lowest-ever levels, trading at $1.34 on Friday, down from a high of almost $100 in 2013.