Tupperware May File For Bankruptcy. Here Are 5 Companies That Already Have This Year

Key Takeaways

• Tupperware will file for bankruptcy as soon as this week, according to reports.
• The company warned investors last year of its struggles to stay in business.
• Red Lobster, Joann, Express, 99 Cents Only, and Redbox parent Chicken Soup for The Soup Entertainment all filed for bankruptcy this year.

Tupperware Brands (TUP) plans to file for bankruptcy as early as this week, according to a Bloomberg report citing people familiar with the company.

The food-storage maker has been working with lenders on how to deal with its more than $700 million in debt and violated the terms of its loan agreement, the report said. This comes after Tupperware warned last year that certain conditions and events “raise substantial doubt” about its ability to stay in business. 

Several other well-known brands have already bit on the bankruptcy bullet this year. 

Red Lobster declared bankruptcy in June, closing at least 50 locations and asking a judge for permission to shutter 100 more. The seafood chain had been plagued by troubles including questionable management by the private equity firm that owned it and an Endless Shrimp promotion gone wrong, according to reports. It was acquired as part of a restructuring deal earlier this month.

Joann, the fabrics and crafts retailer, filed for bankruptcy in March. A bankruptcy judge approved a restructuring deal that slashed the company’s $505 million in debt and kept open its 815 stores.

Clothing retailer Express filed for bankruptcy in April before being acquired by a consortium led by brand management firm WHP Global. The move came roughly a year after it acquired the Bonobos brand from Walmart (WMT) for $25 billion.

Discount retailer 99 Cents Only declared bankruptcy in April. Nearly 200 of its stores reopened as Dollar Tree (DLTR) locations following bankruptcy proceedings, according to reports.

Chicken Soup for the Soul Entertainment, the parent company of movie rental service Redbox, filed for bankruptcy in June and revealed it owed millions to more than 500 creditors, including Sony Group (SONY) and Walmart. The company’s Chapter 11 case became a Chapter 7 liquidation proceeding in July, shutting down the roughly 24,000 Redbox kiosks in the U.S.

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