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Tupperware Brands, a once-iconic US multinational company, has officially filed for Chapter 11 bankruptcy protection due to continued financial losses.
Known for its popularity in the 1950s, the company has seen a steady decline over the past decades as it faced stiff competition from cheaper and more environmentally friendly alternatives.
Last month, Tupperware raised concerns about its ability to stay in business, hinting at the possibility of bankruptcy.
The company is now seeking court approval to continue selling its remaining inventory.
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According to the US Bankruptcy Court, Tupperware listed assets valued between $500 million and $1 billion, but its estimated debts range from $1 billion to $10 billion.
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