Tupperware Brands files for bankruptcy [Video]

Tupperware Brands Inc and some of its subsidiaries filed for Chapter 11 bankruptcy protection on Tuesday, the food container firm said in a statement.

The company, known for its trademark food storage containers, has been hit by dwindling sales in recent years.

Last year it warned of “substantial doubt” about its ability to keep operating in light of its poor financial position.

The company said Tuesday it would seek court approval to continue operating during the bankruptcy proceedings and also seek approval for a sale process for the business to protect its brand.

“Over the last several years, the Company’s financial position has been severely impacted by the challenging macroeconomic environment,” president and CEO Laurie Ann Goldman said in a statement announcing the bankruptcy filing.

“As a result, we explored numerous strategic options and determined this is the best path forward. This process is meant to provide us with essential …