Tupperware files for bankruptcy as demand slumps for its containers – National [Video]

Tupperware Brands TUP.N filed for Chapter 11 bankruptcy protection late on Tuesday, succumbing to mounting losses amid poor demand for its once-iconic food storage containers.

The company’s popularity exploded in the 1950s as women of the post-war generation held “Tupperware parties” at their homes to sell food storage containers as they sought empowerment and independence.

However, it has lost its edge to rivals making cheaper and more environmentally friendly containers.

Last month, Tupperware raised doubts about its ability to remain in business after flagging potential bankruptcy risk several times due to liquidity constraints.

“Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment,” Chief Executive Officer Laurie Goldman said in a statement.

The company said it intends to obtain court approval to continue selling its products and charting out a sale process for the business.

The company has been trying to turn its business around for …