Food container firm Tupperware files for bankruptcy

Company Overview - Tupperware, a company known for its food storage containers, has filed for bankruptcy in the US, seeking approval to find a buyer as part of efforts to protect the brand [1][2] - Founded 78 years ago, Tupperware gained popularity through "Tupperware parties" in the 1960s and 70s, where products were sold in social gatherings [2][4] Financial Challenges - The company's financial position has been severely impacted by a challenging macroeconomic environment, leading to the decision to start bankruptcy proceedings as the "best path forward" after exploring various strategic options [3][2] - Tupperware's sales have been in steady decline since 2018, despite a temporary improvement during the early days of the COVID pandemic [5] Product Evolution - Tupperware has attempted to adapt by incorporating more sustainable materials into its product line, including glass and stainless steel, as well as using plastic waste [5] - The brand was originally developed as a solution to reduce food waste, but has struggled to compete with cheaper and more environmentally friendly alternatives in recent years [4]