Tupperware Brand Name Acquired by Party Products LLC

Party Products LLC has announced it has acquired global rights to the Tupperware brand name, intellectual property, and operations.

Per a press release, Party Products LLC will allow Tupperware’s operations to continue uninterrupted. Customers will be able to purchase products from Tupperware sales consultants, retail partners, and the brand’s e-commerce sites. 

The company is comprised of Ad Hoc Group lenders such as Stonehill Capital Management LLC of New York and Alden Global Capital LLC of West Palm Beach. Before agreeing to the purchase with Tupperware, the Ad Hoc Group attempted to leverage its creditor position to gain ownership of the assets through only a credit bid and no cash. 

“The transaction is contemplated to be structured as a private sale of all intellectual property needed to create and market Tupperware’s brand and award-winning products, plus operating assets in the United States and other foreign subsidiaries,” an October press release stated.

“I am confident that this agreement provides us with the financial flexibility to continue executing on our near-term turnaround efforts as well as our long-term strategy to create a global omni-channel consumer brand. We are committed to making ongoing progress in improving liquidity and strengthening our capital structure. We appreciate the support of our lenders, who share in our strategy, as we move forward,” said Mariela Matute, chief financial officer of Tupperware Brands Corporation, in a statement from last August. 

The iconic Tupperware brand is set for a new chapter under Party Products LLC, but questions remain about its next steps. https://t.co/EmjafhDjeM

— The Business Journals (@bizjournals) November 24, 2024

Retail Dive reported that Tupperware saw sales decrease and debt increase over the last few years. This led to a bankruptcy filing in September, after fiscal 2022 saw sales drop to $1.3 billion and one year later, to $1.1 billion.

Tupperware Announced Laurie Ann Goldman as President & CEO

In October, Tupperware announced Laurie Ann Goldman as president, CEO, and a director of the board. Her hiring was an effort to accelerate the company’s growth upward.

“Now is the right time to bring in new leadership, and Laurie Ann is exceptionally well-suited to advance our long-term strategy and accelerate growth,” said Susan Cameron, chair of the board of directors. “Laurie Ann is a trusted and growth-oriented leader with extensive management experience in the consumer goods industry.”

Cameron continued, “Laurie Ann brings the right mix of business and brand experience and has built consumer affinity for some of the world’s most iconic brands. We are confident that her proven history of motivating global sales teams, along with her strong operational and financial capabilities, will empower our teams and accelerate our efforts to guide Tupperware to sustainable, long-term growth.”

Goldman said of her appointment, “I am excited and energized to lead this iconic brand whose innovative products are coveted by millions around the world. This is a tribute to the entrepreneurial and inventive spirit of the wonderful teams that sell and create Tupperware and its impressive retail partners. I can’t wait to delight more consumers with the celebrated products they trust and love.”

Per The Orlando Sentinel, Tupperware’s headquarters in Orlando will cease operations by Dec. 31, 2024. Party Products LLC has not revealed where the company’s offices will be stationed.

Founded in 1946, the brand’s signature container created the modern food storage category that revolutionized the way the world stores, serves, and prepares food. Tupperware Brands filed for Chapter 11 bankruptcy protection in September 2024.