ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.
Tupperware Brands’ new owners are underway on making changes to the company, including intentions to terminate employee retirement benefits.
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Court records show that Party Products LLC — to which the sale of the company closed on Nov. 27 — has accelerated Tupperware’s transition into a digital-first, asset-light business model. On Jan. 14, Tupperware’s debtors (that’s the company’s former owners, consisting of Tupperware Brands Corporation, Dart Industries Inc. and eight other entities) sought to slow things down a bit by filing a motion requesting the U.S. Trustee to appoint a committee to represent the interests of the company’s retirees.
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The motion was filed to ensure compliance with Section 1114 of the Bankruptcy Code, which governs the treatment of retiree benefits in Chapter 11 cases. The court — agreeing that the referred section code applies — directed the trustee to appoint a retiree committee. The committee will serve as an authorized representative for retirees, but the appointment does not guarantee the continuation of benefits.
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