Tupperware, the iconic US food storage brand, has filed for bankruptcy as it struggles with declining sales and financial difficulties. The 78-year-old company, known for its airtight plastic containers, said it will seek court approval to initiate a sale of the business while aiming to keep operations running.

Despite efforts to modernize its products and attract a younger audience, Tupperware has failed to stand out against growing competition. The company had warned last year that it might collapse without securing new funding. Following reports of its impending bankruptcy, shares have dropped by more than 50% this week.

After a brief spike in demand during the pandemic, as more people cooked at home, the brand has since faced falling sales. Rising costs of raw materials, labor, and transportation have further eroded its profit margins. CEO Laurie Ann Goldman said that the company’s financial troubles were worsened by the challenging global economic climate.

Tupperware, founded in 1946 by Earl Tupper, revolutionized food storage with its innovative plastic containers featuring airtight seals. It gained popularity through “Tupperware parties,” where saleswomen, led by pioneering figure Brownie Wise, marketed the products directly to other women in their homes. Today, the brand operates in 70 countries.

However, as consumers shift away from plastic products in favor of more sustainable options, Tupperware has struggled to maintain relevance. Financial missteps, including errors in reporting results in 2021 and 2022, have further damaged the company’s position.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, remarked that “the party has been over for some time” for Tupperware, highlighting its inability to adapt to changing consumer preferences and financial challenges.