Tupperware files for bankruptcy

Source: Scott Olson / Getty

Tupperware, the iconic plastic food storage company, has filed for Chapter 11 bankruptcy, along with some of its subsidiaries.

Founded in 1946, the company is seeking court approval to sell its business during the bankruptcy proceedings while aiming to continue operating.

Tupperware has been struggling with declining sales and has been working to modernize its operations to become a digital-first company.

“Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment,” Tupperware’s chief executive Laurie Ann Goldman said in a statement to investors.

Despite attempts to freshen up its products in recent years and reposition itself to a younger audience, it has failed to stand out from competitors.