Tupperware Brands (TUP) filed for Chapter 11 bankruptcy to reorganize its debts and prevent an ad hoc group of its lenders from acquiring its business through foreclosure. "Over the last several years,

Tupperware Brands, the company that revolutionized food storage decades ago, has filed for Chapter 11 bankruptcy protection.Orlando, Florida-based Tupperware plans to continue operating during the bankruptcy proceedings and will seek court approval for a sale,

Tupperware Brands filed for bankruptcy protection in Delaware late on Tuesday, succumbing to mounting losses due to poor demand for its once popular colorful food storage containers. Its popularity

Fans are mourning the failure of the famous brand, a longtime kitchen staple hailed around the world for its durability.

Tupperware's lenders opposed the food storage and kitchen products company's proposed bankruptcy auction during the company's first court appearance, cutting off its access to cash and threatening to derail the company's bankruptcy plans.

After a pandemic-era surge in demand, its colorful containers lost relevance as raw materials got more expensive, squeezing its margins to the breaking point.

The brand, once so popular it became the name of an entire product category, has seen sales fall as consumer behaviors change and competition increases.

Tupperware, known the world over for its plastic food storage containers, has filed for bankruptcy after years of falling popularity and financial troubles.