US brand Tupperware has filed for bankruptcy as it struggles to survive in the face of sliding sales.
The food storage container firm said it will ask for court permission to start a sale of the business and that it aimed to continue operating.
“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.
Last year, the firm warned that it may go bust unless it could quickly raise new funds.
The company’s shares have fallen by more 50% this week after reports that it was planning to file for bankruptcy.
After a brief surge in sales during the pandemic, as more people cooked at home, the firm saw demand continue to slide.
The rising cost of raw materials, higher wages and transportation costs have also eaten into its profit margins.
Tupperware was founded in 1946 by Earl Tupper, who patented the containers’ flexible airtight seal.
Tupperware was a major innovation, as it utilised new plastics to keep food fresh for longer, which was invaluable when refrigerators were still too expensive for many families.
