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.

Once a staple household product for midcentury families, Tupperware said in a court filing that its focus on direct sales ultimately became a weakness. Tupperware Brands Corporation (NYSE: TUP), owner of the iconic food storage brand Tupperware,

Tupperware Brands has filed for Chapter 11 bankruptcy protection. The company that revolutionized food storage decades ago says it plans to continue operating and will seek court approval for a sale.