Domino's Pizza Russia Bankrupt, Will Close All Outlets

Dream - Domino's Pizza in Russia is reportedly bankrupt and will close all of its outlets in the Red Bear country. DP Eurasia (DPEU.L), the holder of the Domino's Pizza license, revealed that their company can no longer sustain itself in Russia.

"With an increasingly challenging environment, the direct parent company of DPRussia is now forced to take this step, which will result in the cessation of the DPRussia sales trial process as a survival measure and, inevitably, the group's presence in Russia," said DP Eurasia's statement, quoted from Reuters, Tuesday, August 22, 2023.

DP Eurasia has not been without effort, as they have attempted to save the company. In December, the company made efforts to maintain its operations in Russia, such as divestment.

Some have successfully negotiated a quick way out by selling at a large discount or handing over the company's operations to local management.

Although it is still too early to determine the financial impact of the bankruptcy, the company stated that the external debt of the unit is approximately 520 million rubles (US$5.56 million) and has been settled by the Turkish subsidiary of DP Eurasia, in order to reduce the group's gross debt and generate a gross cash balance of 162 million lira (US$5.97 million).

It is known that DP Eurasia, the third largest pizza delivery company in the country, has operated around 142 stores.

Tupperware Global Reportedly Bankrupt After 77 Years, This Is the Fate of the Indonesian Branch

Dream - Tupperware is reportedly at risk of bankruptcy globally after 77 years, with increasing debt and declining sales affecting investments.

Frangky Purnomo Angelo, Marketing Director of Tupperware Indonesia, responded that the news does not impact Tupperware's business in Indonesia.

"The circulating news quotes from CNN (International), from analysts, not an official statement from Tupperware US. Inc.," he said, quoted from Liputan6.com, Wednesday, April 12, 2023.

Frangky stated that the company in the US was late in filling out the form registered with the stock exchange. Thus, such speculation arises.

"That is the form that must be filled out by publicly listed companies on the stock exchange. Tupperware is listed on the New York Stock Exchange. We submitted it late. The delay was because we were working with internal finance and external advisors to ensure there was no incorrect data. Due to the late submission, speculation arises," he continued.

Frangky also emphasized that Tupperware's business in Indonesia continues to run as usual. 

"Nothing is disrupted, the supply remains smooth, innovations are according to plan, our product distribution is not disrupted until now, and we believe there will be no future impact, the programs will continue as planned," he explained.

Previously, BBC reported that despite efforts to renew products in recent years and target a younger market, Tupperware sales failed to take off. 

Looking at its history, based on the Tupperware Indonesia website, this company was founded by a US-born businessman in 1907. He is Earl Silas Tupper.

Since the age of 21, Tupper had joined an innovation-based company and through various research conducted, he managed to find a method to purify black polyethylene seed husks (the basic material for making plastic) into flexible, strong, non-greasy, transparent, safe, lightweight, and odorless plastic. 

In 1938, Tupper established his own plastic business, Earl S Tupper Company, and patented his product under the name Poly-T. 

Then in 1946, Tupper contributed to the lively American market after World War II by launching his first product, which was immediately welcomed with enthusiasm, namely the Wonderlier Bowl and Bell Tumbler food storage containers under the Tupperware brand.

Tupperware also had a unique sales method, which was first introduced by Brownie Wise, known as the Tupperware Home Party.