Tupperware Brands (TUP), the company behind iconic plastic food containers, has filed for Chapter 11 bankruptcy.
The Orlando, Florida-based company, which was formed in 1946 after World War II, had been struggling for years with declining sales and growing financial losses.
In the bankruptcy filing, management said the business has been hurt by a decline in home cooking among consumers, as well as rising costs for raw materials such as plastic resin and freight shipments.
Consequently, Tupperware reported a decline in sales for six consecutive quarters and recently defaulted on its loan obligations.
Tupperware Brands listed $500 million U.S. to $1 billion U.S. in assets and $1 billion U.S. to $10 billion U.S. in liabilities in its bankruptcy filing made in a Delaware court.
The company listed its number of creditors at 50,000 to 100,000.
In 2023, Tupperware restructured its debt and hired investment bank Moelis & Co. (MC) to help it explore strategic alternatives.
The stock of Tupperware has declined 75% this year to trade at $0.51 U.S. per share. Over the last five years, the company’s share price has fallen 97%.