With a debt that exceeded 800 thousand dollars, an iconic plastic hermetic containers firm declared its bankruptcy around the world. In Argentina alone, it had more than 90,000 resellers who affected its source of income.
After a failed attempt of repositioning in the market and with a debt of 800 thousand dollars, in September last year the iconic company Tupperware He declared bankruptcy in the United States and closed his branches worldwide. The news impacted fully on Argentina where the 90 thousand resellers were reduced to a third. However, and against all prognosis, his life in the country will continue thanks to the investment of a Mexican-American group.
Created in the forties by the chemist Earl Tupperthe hermetic containers firm expanded worldwide by the hand of a direct sales model with its famous “Tupperware parties.” However, after seven decades in the market, the sales strategy was obsolete without the firm having been able to diversify its format until it is forced to close its branches.
Despite its future in other parts of the world, in Argentina, the firm will continue thanks to the Mexican-American company ASEENDOVA Group, that will invest a large sum of initial money to ensure some stability in the business.
A debt of more than 800 thousand dollars defined bankruptcy
In September 2024 the company decided to end a decline delivered since 2019 declaring its bankruptcy. Then, the Covid 19 Pandemia and the Ukraine War of Russia ended up dynamiting their profits. Indeed, both facts directly impacted obtaining the supply, which altered to large scales the number of its main raw material, the resin.
Plastic tupper
The multinational had initiated the process with reception in Chapter 11 of the Bankruptcy Law of the United States that establishes a bankruptcy that allows to reorganize the debts of an entity to stand up and continue operating.
Chapter 11 specifically is the one that gives companies a prudent time to restructure operations and accommodate their debts, so it is also known as “bankruptcy reorganization.” However, the move for Tupperware meant a fall in its shares in more than 50%.
The future of Tupperware in Argentina
Acquired with an investment and US $ 10 million, Mexican businessmen Miguel Fernández and Héctor Lezama, leaders of Ascendova Groupthey relaunched the business. At the beginning of the year, and with the aim of strengthening the traditional sale, Tupperware closed the only physical store that was in our country, located in Santa Fe at 2577.
Fernández had been CEO of the company until the end of 2023, when Lezama was a commercial director. The American Korchaguin Jimenez is the third in the firm, who already had investments in the country in IG Networks.
tupper-al-vacio.webp
The firm ensures that it will begin a renewal process in which they will seek to strengthen the resellers system with a new recruitment and training system, expand its spectrum of sales talking about home, beauty and well -being, according to Freinquel’s words.
Source: Ambito
