The brand said it expects to operate as The New Tupperware Co. upon completion of the deal.

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Tupperware Brands agreed to sell its business to a group of lenders for $23.5 million in cash and over $63 million in debt relief, avoiding an open-market auction. The sale comes after Tupperware filed for bankruptcy with $818 million in debt and faced opposition from some lenders regarding its proposed auction.

Tupperware Brands has been granted approval to sell its assets to its lenders, enabling the company to exit bankruptcy. Unable to find a buyer to pay off its $818 million debt, Tupperware will transfer its brand name and key assets to investment firms Stonehill Capital Management Partners and Alden Global Capital. The company plans a digital-first, asset-light business model post-bankruptcy.

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According to the company, Tupperware intends to leverage its existing consultant and distributor base and make them a part of the brand’s new initiative. The Tupperware family will have the opportunity to either become “Tupperware Authorised Sellers” on the e-commerce platforms, or take charge of “Exclusive Tupperware Outlets”.

Tupperware India's managing director Deepak Chhabra talks about how integrating the direct sales force with the retail franchisee model is working for the home and kitchen-ware maker.

“We plan to launch 100 additional exclusive brand outlets to deepen our penetration across geographies and are confident of a warm reception across markets," said Deepak Chhabra, managing director of Tupperware India.