Tupperware Brands has agreed to sell its business to a group of lenders for $23.5 million in cash and over $63 million in debt relief, cancelling plans for an open-market auction.
The sale, announced in bankruptcy court, includes operations in the U.S., Canada, Mexico, and more.
Tupperware, which filed for bankruptcy last month, struggled with declining sales due to over-reliance on independent sales representatives.
The lenders, including Alden Global Capital and Bank of America, will take over key markets while Tupperware winds down in others.