Maker of iconic kitchen product Tupperware files for bankruptcy as sales slump

Tupperware - which was founded in 1946 by Earl Tupper in Massachusetts - dominated its market for years, becoming so synonymous with food storage containers that many people use its name when referring to any plastic container even today

Tupperware, the US maker of food storage containers, has filed for bankruptcy after sales slumped over recent years.

The food storage company says it will ask the court for permission to start the sales process of the business, reports the BBC. The firm says it will continue to operate during the bankruptcy proceedings. Last year, the 78-year-old company warned it would go under unless it secured emergency funding.

In a statement to investors this week, chief executive Laurie Ann Goldman said: "Over the last several years, the company's financial position has been severely impacted by the challenging macroeconomic environment." Tupperware shares fell by more than 50% this week after reports that it was planning to file for bankruptcy.

According to the company, Tupperware is now sold in 70 countries around the world. However, the company has struggled to contend with cheaper competition. Rising costs for raw, higher wages and transportation costs have also eaten into its profit margins.

The firm has also struggled to attract younger customers in recent years, who are embracing cheaper and more environmentally friendly products. As a result, Tupperware has expanded its ranges to include more sustainable materials such as glass and stainless steel, as well as products made from used mixed plastic waste.

Tupperware - which was founded in 1946 by Earl Tupper in Massachusetts - dominated its market for years, becoming so synonymous with food storage containers that many people use its name when referring to any plastic container even today.

The brand became popular in the 1950s thanks to its famous "Tupperware parties" which were pioneered by saleswoman Brownie Wise. Tupperware parties saw a "consultant" for the business hold events in their home for friends and family to advertise and sell the latest product lines.