The long-time food storage container brand Tupperware has filed for Chapter 11 bankruptcy protection amid years of financial struggles and failed attempts to revitalize the business.
The Orlando, Florida-based company announced late Tuesday night that it plans to remain operational throughout the bankruptcy proceedings but will be seeking court approval to facilitate a sale of the company.
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"Over the last several years, the Company's financial position has been severely impacted by the challenging macroeconomic environment," Tupperware Brands CEO Laurie Ann Goldman said in a statement. "As a result, we explored numerous strategic options and determined this is the best path forward. This process is meant to provide us with essential flexibility as we pursue strategic alternatives to support our transformation into a digital-first, technology-led company better positioned to serve our stakeholders."
Tupperware was founded in 1946 by American chemist and inventor Earl Tupper in Massachusetts, and was best known for its innovative, air-tight food storage containers.
According to the company, the first designs didn't sell well in stores. Soon after, Tupperware began recruiting people to sell the products out of their homes.
Women spearheaded the effort, allowing them to earn an income in an era when many were staying home. And in the decades to follow, Tupperware became a staple in kitchens across the country.
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But despite a slight resurgence in sales during the COVID-19 pandemic, Tupperware has faced years of financial troubles amid increased competition and families relying more on eating out over cooking meals at home.
In Tuesday's filing, the company reported that it had over $1.2 billion in debt. After reaching a high of about $97 per share in 2013, the Tupperware stock price has plummeted to just $0.51 a share as of Wednesday afternoon.
