ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.
This is not your mama’s Tupperware. It’s the New Tupperware Co. – or it will be, when a deal hashed out between the old Tupperware and its lenders closes within the next week as part of the ongoing Chapter 11 proceedings. Tupperware filed for bankruptcy protection Sept. 17.
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The lenders — who bought up the majority of the company’s debt and are referred to in court documents as the Ad Hoc Group — will take possession of Tupperware and likely rehabilitate it until it’s valuable enough to sell for a profit, said Scott Shuker, a partner at Orlando-based Shuker & Dorris PA who is not involved with Tupperware.
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Tupperware was quick to put out an official statement once the Oct. 22 deal was reached, giving the brand’s fans around the world something to hold onto. The new Tupperware company will further entrench itself in markets where it is most successful, shut down in markets where it’s failing and expand into new markets, according to the statement.
Click here to read the full story on the Orlando Business Journal’s website.
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