No more of Tupperware in your kitchen? Iconic utensil brand files for bankruptcy

US-based kitchenware company Tupperware and its subsidaries have filed for bankruptcy after struggling to meet sales goals, ballooning losses and growing competition. The publically tradedcompany filedfor Chapter 11 bankruptcy protection and has asked the court for permission to start a sale processof the business.

According to bankruptcy filings in the USBankruptcy Court for the District of Delaware, the 78-year-old firm listed $500 million-$1 billion in estimated assets and $1 billion-$10 billion in estimated liabilities.

The company's shares have fallen by more than 50 per centthis week after reports that it was planning to file for bankruptcy.

"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 press release.

"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 flexibility as we pursue strategic alternatives to support our transformation into a digital-first, technology-led company better positioned to serve our stakeholders."

The company, however, added that it will continue to serve the customers with its products while the bankruptcy proceedings are underway.

"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. We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process."

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The decision to go bankrupt came about four years after Tupperware reported a fall in sales for six consecutive quarters since the third quarter of 2021.

Indian moms and Tupperware

The Tupperware brand has been synonymous with tiffin boxes and storage containers, especially in India where it is often mentioned in the popular discourse.

Tupperware entered the Indian market in 1996 when most households were still wary of using plastic container. However, owing to its durability, versatility, easy-to-transport and spill-proof qualities, Tupperware soon became a household item.

The kitchenware company is instantly correlated to the Indian moms who scold their husbands and children anytime a Tupperware container is lost.

While the brand may not last long, its connection with millions will probably last. After all, everyone is still wary of losing their Tupperware.

(With inputs from agencies)