Lock it in
Reheating the leftovers at Tupperware
Good morning, storage specialists. This is your Stock Market Rundown for April 11th, 2024. Thanks for joining me, once again. Let’s dig in:
TODAY’S TOP STORY: CLEARING OUT KITCHEN CLUTTER
How do you store your leftovers in the fridge? Sad forgotten vegetables in the crisper? Half-eaten yogurts becoming breeding grounds for mold? (Ew.)
Back in the 1940s, a chemist named Earl Tupper had an idea to banish mold and rot from the modern fridge. He devised food storage containers with an airtight seal using polyethylene—and invented Tupperware.
But as the patents expired, competitors flooded the market with copycat products, while Tupperware lagged in innovation. And these days, busy homemakers want to hit the buy button on Amazon—not sit through small talk and hors d’oeuvres.
Now, Tupperware says it’s in serious danger of going under due to a cash crunch. And it’s missed a few filing deadlines because its accountants keep quitting. (Kind of a red flag when the folks minding the books are circulating their resumes.)
Tupperware’s board says it’s “exploring strategic alternatives”. Finding a strategy to turn around its sales decline might be as tough as locating all the missing lids. Did you check under the couch?
SO WHAT ELSE IS GOING ON?
Next time you fly to Seattle or Detroit, you may save a few bucks: no-frills airline Frontier is adding routes to serve more business travelers. Pro tip: anybody over 5’8” should get an aisle seat to avoid excruciating knee pain by the end of the flight.
The weight loss drug industry is getting as competitive as a knockoff designer handbag sale. A Chinese company is releasing a biosimilar version of Novo Nordisk’s blockbuster weight-loss drug Ozempic.
The number of hours people spend playing video games is in decline. Industry experts say it’s due to a lack of major franchise releases, not because gamers have suddenly taken up backgammon and bridge.
Google is destroying records to settle a lawsuit over how it tracked users’ internet use. Everybody can breathe a sigh of relief that embarrassing searches like “persistent butt rash” and “Martha Stewart sex tape” won’t be viewable by nosy tech company employees.
And we're done for today, respected peers; let's gather again tomorrow morning for more nonsense. Yours in capitalism, The Axe
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