Tupperware, a US-based company that makes food storage containers, has declared bankruptcy in an effort to weather a decline in sales. The company wishes to keep running; thus, the corporation would now ask the court to approve the beginning of a business sale. The 78-year-old company, which is often referred to as Tupperware, has all but become synonymous with plastic containers.

 

Despite its best efforts, the corporation was unable to bring its product back to life since it did not have the desired level of appeal for the younger demographic. The business failed to meet the expectations of its rivals and was unable to get the funding it required to survive.

The company’s stock fell more than 50% this week due to rumors that a bankruptcy filing was imminent. Tupperware’s sales saw a temporary uptick during the pandemic as more people cooked at home; since then, demand has declined. Increased labor, transportation costs, and rising raw material prices have further reduced profit margins.

Laurie Ann Goldman, CEO of Tupperware, told investors in a statement that “the company’s financial position has been severely impacted by the challenging macroeconomic environment over the last several years.”

Tupperware, which was founded in 1946 by Earl Tupper, who also patented the containers’ flexible airtight seal, revolutionized food storage via the use of novel plastics, which were particularly useful at a time when many families still considered refrigerators to be a luxury. It wasn’t an immediate success, however.

Brownie Wise, a trailblazing salesperson, popularized the idea of “Tupperware parties,” in which mostly female salespeople marketed items to other women directly in their homes. As a result, the brand became well-known. Tupperware is now sold in 70 different countries.