Tupperware has entered into an agreement with its lenders to turn around the business after filing for bankruptcy last month.

The company intends to structure the transaction as a private sale of all intellectual property related to its brand and products, as well as operating assets in the US and other foreign subsidiaries.

According to president and CEO Laurie Ann Goldman, Tupperware has created a “digital-first, technology-led and asset-light” strategy over the past year. 

“We’ve made tremendous progress and are delighted that this group of forward-thinking investors share our vision and will partner with us to grow,” Goldman added.

As part of the plans, the new company will focus on global core markets, including the US, Canada, Mexico, Brazil, China, Korea, India and Malaysia. It will also look into the European and additional Asian markets in the future.

Customers will continue to purchase Tupperware products via independent sales consultants, e-commerce sites and retail partners in these core markets. Operations in other markets with heavy liabilities will wind down.

The transaction is expected to close by the end of this month, subject to approval by the bankruptcy court. The lenders include Stonehill Capital Management Partners and Alden Global Capital.

Founded in 1946 by Earl Tupper, Tupperware is known for its problem-solving kitchen and home products. The company filed for Chapter 11 bankruptcy last month after it breached the terms of its debt.