Tupperware food storage products are displayed on a shelf for sale at a store on September 18, 2024 in San Rafael, California. - Justin Sullivan/Getty Images/AFP (Photo by JUSTIN SULLIVAN/ GETTY IMAGES NORTH AMERICA/ Getty Images via AFP)
NEW YORK: Bankrupt Tupperware Brands agreed on Tuesday to sell its business to a group of lenders for $23.5 million in cash and over $63 million in debt relief, canceling its plans for an open-market auction of its assets.
The food storage and kitchen products company announced the deal at a bankruptcy court hearing in Wilmington, Delaware. U.S. Bankruptcy Judge Brendan Shannon said he would quickly schedule a separate court hearing to consider approval of the sale, which was likely the best result given the company's "difficult and challenging circumstances."
