Tupperware Brands and some of its subsidiaries filed for Chapter 11ย bankruptcyย 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 โsubstantial doubtโ about its ability to keep operating in light of its poor financial position.
โOver the last several years, the Companyโs financial position has been severely impacted by the challenging macroeconomic environment,โ president and CEO Laurie Ann Goldman said in a statement announcing the bankruptcy filing.
โAs a result, we explored numerous strategic options and determined this is the best path forward,โ added Goldman.
The company said it would seek court approval for a sale process for the business to protect its brand and โfurther advance Tupperwareโs transformation into a digital-first, technology-led company.โ
