Iconic 77-Year-Old Tupperware Brand Files for Bankruptcy

Iconic food storage brand Tupperware has filed for bankruptcy.

According to the BBC, the company will ask for court permission to start a sale of a portion of the business. However, it is still aimed at continuing to operate in the meantime. It currently is being sold in 70 countries all across the globe.

The outlet reports that shares of the company have dropped by 50% this week after the news of the company going bankrupt emerged.

Previously, the company saw a surge in sales during the height of the COVID-19 pandemic in 2020. However, the rising cost of raw materials, higher wages and transportation costs have caused the company to lose money over time.

"Over the last several years, the company's financial position has been severely impacted by the challenging macroeconomic environment," upperware's chief executive Laurie Ann Goldman said in a statement.

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Tupperware was founded in 1946 by Earl Tupper who made the brand famous because of his patent for its airtight seal.

At the time, it was a major innovation, and it was used to keep food stored longer in a safe way. It came at a time when refrigerators were expensive for many families to have.

Despite its innovation, the product was not an immediate success upon its release. It took the power of saleswoman Brownie Wise to turn the brand into what would become a household name over the years.

Wise's invention was a party that would be held in the home. It would later go on to be known as "Tupperware parties".

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