Tupperware Brands, maker of plastic food containers, files for bankruptcy

Tupperware Brands, the company well-known for its line of plastic containers for food storage, has filed for Chapter 11 bankruptcy after years of declining sales and growing competition.

In a statement on Tuesday night, the publicly-traded company said Tupperware Brands Corporation and some of its subsidiaries voluntarily initiated Chapter 11 proceedings in the U.S. Bankruptcy Court in the District of Delaware.

“Tupperware will seek Court approval to continue operating during the proceedings and remains focused on providing its customers with its award-winning, innovative products through Tupperware sales consultants, retail partners and online,” the statement said.

The kitchenware company will also ask the court to facilitate a sale process for the business to protect the brand and advance Tupperware’s goal to transform into a digital-first, technology-led company.

Tuesday’s filing listed Tupperware’s assets at $500 million to $1 billion and liabilities between $1 billion to $10 billion. Earlier this year, Tupperware announced it would close its only U.S. factory and lay off 150 employees.

“Over the last several years, the Company’s financial position has been severely impacted by the challenging macroeconomic environment,” said Tupperware CEO Laurie Ann Goldman. “As a result, we explored numerous strategic options and determined this is the best path forward.”

The move follows months of negotiations between Tupperware and its lenders over how to manage more than $700 million in loans, according to Bloomberg. The creditors previously agreed to give the company some breathing room but the business has continued to deteriorate.