Many people still know them from television or were even on one: We're talking about Tupperware parties. The cult company Tupperware is now on the verge of extinction.
Kassel – Tupperware parties have been a well-known and successful marketing strategy for Tupperware over the past 70 years. Now the cult company from the USA is on the verge of extinction. Money shortages became public, the stock collapsed on the stock exchange. What about the 30-year warranty?
Slump on the stock market – Tupperware is once again on the brink of collapse
Tupperware parties were celebrated for decades. Initially only in the USA, over time the trend spilled over to Germany. Colorful and, above all, stackable plastic boxes for storage - that is the concept of Tupperware. However, the Orlando-based company, which was founded in 1946, could now be at a standstill. Already on Good Friday it became known that Tupperware is suffering from acute financial difficulties. The stock plunged 10 percent on Monday (April 49) as a result. Tupperware is currently worth only $1.24 on the stock market. By comparison, in 2013 it was almost $70.
As early as 2018, the company's value on the stock market declined significantly, and the Corona pandemic then drove Tupperware into crisis. At that time, the ruin could just be averted, the stock rose again to 30 dollars. Whether this feat can be achieved a second time in 2023 remains to be seen. The management warned that the bills may soon no longer be paid. Still, "the company is doing everything in its power," said Tupperware CEO Miguel Fernandez. Recently, the shoe retailer Reno had to announce insolvency. Görtz was also on the verge of extinction.
Tupperware is on the verge of extinction – what will become of the warranty?
According to its own statements, Tupperware has already hired some consultants and held talks with investors to raise money. This is sorely needed: In the last quarter of 2022, sales fell by 20 percent compared to the rest of the year – Tupperware had to cope with a loss of 35.7 million dollars. In the wake of the Corona pandemic, the famous Tupperware parties failed to materialize, but the supplier of bowls and boxes still stuck to its concept. It was not until 2010 that Tupperware made an effort to establish its online presence, but the losses cannot currently be compensated for by this either.
For decades, the plastic cans were often used for sandwiches and snacks to go. Now the manufacturer Tupperware, which has become a catchphrase for the boxes, is on the verge of extinction. (Symbolic photo) © Imago
On its website, Tupperware advertises a 30-year warranty on a wide range of products in Germany. Some consumers may wonder what would happen to this guarantee in the event of a Tupperware bankruptcy. The company has not yet commented on the issue. As the consumer advice center writes, any claims would have to be asserted against the insolvency administrator in the event of insolvency. This could affect several thousand people.
According to the consumer advice centre, whether the latter then fulfils the claims is at his discretion: "If he rejects the claims for replacement or repair, you have no choice but to register your claims against the insolvency administrator as a claim for damages in the insolvency table." The situation is different if the goods received are paid off over a longer period of time: "If you have not yet paid for the goods in full, it makes sense to offset the repair costs against the outstanding payments." According to the consumer advice centre, this should also be coordinated with the insolvency administrator.