Tupperware: Controversial food container firm files for bankruptcy

US brand Tupperware has filed for bankruptcy as it struggles to survive in the face of falling sales.

The food storage container firm said it will seek court permission to begin selling the business and aims to continue operating.

The 78-year-old firm has become so synonymous with food storage that many use its name when referring to any old plastic container.

Despite efforts in recent years to innovate its products and reposition itself to a younger audience, it has failed to differentiate itself from competitors.

Last year, the company warned it could collapse if it couldn't raise new funding quickly.

Shares of the company fell more than 50% this week following reports that it plans to file for bankruptcy.

After a brief spike in sales during the pandemic, as more people cooked at home, the firm saw demand continue to decline.

Rising costs of raw materials, higher wages and transportation costs have also eaten into its profit margins.

“Over the past several years, the company's financial condition has been severely impacted by the challenging macroeconomic environment,” said Laurie Ann Goldman, chief executive of Tupperware. A statement to investors.

Tupperware was founded in 1946 by Earl Tupper, who patented the container's flexible airtight seal.

Tupperware was a major innovation, as it used new plastics to keep food fresher for longer, which was invaluable when refrigerators were still too expensive for many households.

However, it was not an instant success.

it was Pioneering salesperson Brownie Wise who helped make the brand literally a household name.

She developed a system where salespeople, who were mostly women, sold Tupperware to other women in their homes, popularly known as “Tupperware parties.”

According to the company, Tupperware is now sold in 70 countries around the world.