Iconic Tupperware Company to Close Its Last U.S. Factory
Jun 16, 2024 19:30:28 GMT -5
Post by Shoshanna on Jun 16, 2024 19:30:28 GMT -5
BIDENOMICS: Iconic Tupperware Company to Close Its Last U.S. Factory – Will Move All Production to Mexico
By Ben Kew
Jun. 16, 2024 10:20 am
Tupperware has confirmed that it will be closing its only American factory later this year.
The company, which has over 10,000 employees worldwide, will shut down its last production facility located in Hemingway, South Carolina, resulting in around 150 job losses between from September through till January.
Manufacturing operations will be outsourced to Tupperware’s plant in Lerma, Mexico, which already handles the majority of production for the US and Canadian markets, according to company statements to the media.
Primarily recognized for its plastic food storage containers, Tupperware was founded in 1946 by Earl Tupper and was credited with revolutionizing food storage with its airtight sealing system.
However, the company has recently fallen on hard times, as Plastics Today explains:
This latest news follows a tumultuous few months for the company, which has included sales of real estate in the United States and abroad, and a non-compliance notification from the New York Stock Exchange in April of this year because it delayed filing its annual report for 2023. Tupperware has six months starting from March 29, 2024, to file the form and regain compliance.
In addition to deep financial challenges — its debt burden is unsustainable, according to media reports — Tupperware has altered its business model from direct sales and “Tupperware parties,” which took a beating during COVID-era lockdowns, to distribution deals with Target and other retail outlets.
Sidelining the multi-level marketing approach, which has been core to the brand’s identity for decades, further isolates Tupperware and removes it from conversations, although it may not have had a choice in the matter.
The announcement provides further doom and gloom to the American economy, which under the Biden regime continues to see businesses close down or outsource operations abroad because of high inflation and unsustainable costs.
link
By Ben Kew
Jun. 16, 2024 10:20 am
Tupperware has confirmed that it will be closing its only American factory later this year.
The company, which has over 10,000 employees worldwide, will shut down its last production facility located in Hemingway, South Carolina, resulting in around 150 job losses between from September through till January.
Manufacturing operations will be outsourced to Tupperware’s plant in Lerma, Mexico, which already handles the majority of production for the US and Canadian markets, according to company statements to the media.
Primarily recognized for its plastic food storage containers, Tupperware was founded in 1946 by Earl Tupper and was credited with revolutionizing food storage with its airtight sealing system.
However, the company has recently fallen on hard times, as Plastics Today explains:
This latest news follows a tumultuous few months for the company, which has included sales of real estate in the United States and abroad, and a non-compliance notification from the New York Stock Exchange in April of this year because it delayed filing its annual report for 2023. Tupperware has six months starting from March 29, 2024, to file the form and regain compliance.
In addition to deep financial challenges — its debt burden is unsustainable, according to media reports — Tupperware has altered its business model from direct sales and “Tupperware parties,” which took a beating during COVID-era lockdowns, to distribution deals with Target and other retail outlets.
Sidelining the multi-level marketing approach, which has been core to the brand’s identity for decades, further isolates Tupperware and removes it from conversations, although it may not have had a choice in the matter.
The announcement provides further doom and gloom to the American economy, which under the Biden regime continues to see businesses close down or outsource operations abroad because of high inflation and unsustainable costs.
link