Court approves Tupperware’s sale to lenders, paving way for brand’s exit from bankruptcy

AP Business Writer

NEW YORK (AP) — A U.S. bankruptcy judge has approved a sale of Tupperware Brands. The move paves the way for the iconic food storage company to soon exit from Chapter 11 protection. The transaction received the green light on Tuesday, although it is still subject to closing conditions. Under terms of the deal, a group of lenders is buying Tupperware’s brand name and various operating assets for $23.5 million in cash and more than $63 million in debt relief. Going forward, customers will still be able to purchase Tupperware products online and through the company’s decades-old network of independent sales consultants. Upon completion of the deal, the brand says it expects to operate as The New Tupperware Company.