Tupperware Brands and some of its subsidiaries filed for Chapter 11Β bankruptcyΒ protection on Tuesday, the food container firm said in a statement.
The company, known for its trademark food storage containers, has been hit by dwindling sales in recent years.
Last year the New York-listed firm warned of βsubstantial doubtβ about its ability to keep operating in light of its poor financial position.
βOver the last several years, the Companyβs financial position has been severely impacted by the challenging macroeconomic environment,β president and CEO Laurie Ann Goldman said in a statement announcing the bankruptcy filing.
βAs a result, we explored numerous strategic options and determined this is the best path forward,β added Goldman.
The company said it would seek court approval for a sale process for the business to protect its brand and βfurther advance Tupperwareβs transformation into a digital-first, technology-led company.β
