Tupperware Brands Corp has filed for bankruptcy after years of declining sales and increasing competition.

The publicly traded company sought Chapter 11 bankruptcy protection, with reported assets ranging from $500 million to $1 billion and liabilities between $1 billion to $10 billion.

Known for its dominance in the food storage industry, Tupperware has been warning since 2020 about its uncertain future. In June, the company announced plans to shut down its only factory in the United States and lay off nearly 150 workers.

This bankruptcy filing in Delaware comes after extensive negotiations between Tupperware and its lenders regarding over $700 million in loans. Despite creditors agreeing to extend deadlines on the debt, the company's financial situation continued to worsen.

Earl Tupper, the company's founder, introduced Tupperware's plastic products and patented their flexible airtight seal in 1946. The brand gained popularity in American households through home sales parties hosted by independent sellers.

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