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Tupperware, the food container company founded 78 years ago, has filed for bankruptcy in the US.
The historic brand, reportedly once used by the late Queen Elizabeth II, had been trying to secure a funding lifeline after struggling against lower consumer spending.
Tupperware Brands Corporation said starting bankruptcy proceedings was the “best path forward” after exploring “numerous strategic options” to stay afloat.
Laurie Ann Goldman, Tupperware’s chief executive, said: “Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment.”
The troubled firm earlier this year said it was trying to secure financing from investors as it was at risk of going bust.
We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process
Laurie Ann Goldman, Tupperware’s chief executive
It now plans to seek approval from the US court to find a buyer for the business who could protect the brand.
Tupperware was developed by Earl Tupper in Massachusetts in the US, and grew rapidly in the 20th century as a solution to food waste.
The brand was well known for its Tupperware Parties, first held in 1948, which encouraged women to host parties and sell the products to friends and neighbours in their home.
It was popularised by saleswoman and marketer Brownie Wise, who helped develop the “party plan” marketing scheme now used by businesses such as make-up brand Avon.
Tupperware today describes itself as empowering female entrepreneurship through social selling.
Tupperware Brands Corporate Headquarters in Kissimmee, Florida (Alamy)But the model has been widely emulated by rival brands and supermarket own-version food containers, which often sell for cheaper prices.
“Whether you are a dedicated member of our Tupperware team, sell, cook with, or simply love our Tupperware products, you are a part of our Tupperware family,” Ms Goldman said.
“We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process.”
Tupperware said it would ask the US bankruptcy court for approval for it to carry on operating during the proceedings.
