Tupperware files for bankruptcy as company seeks 'strategic alternatives'

"Don't lose my Tupperware!" Our mothers would remind us every time they would pack our lunch in the brand's container. Those sturdy boxes, with their bright lids and airtight seals, were loved and valued. Moms would remind us to be careful with them because each piece was like a treasure in their kitchen arsenal. Tupperware was a beloved staple. Yet, after decades of holding an important place in almost every household, Tupperware Brands has announced it's filing for Chapter 11 bankruptcy.

According to a Reuters report, Tupperware Brands (TUP.N) filed for Chapter 11 bankruptcy protection late Tuesday, succumbing to mounting financial pressures and declining demand for its once-iconic food storage solutions. Tupperware rose to prominence in the 1950s during the post-war era, when "Tupperware parties" became a cultural phenomenon. Women gathered to sell these colourful containers, celebrating both their entrepreneurial spirit and the joy of efficient food storage.

However, as consumer preferences have shifted towards cheaper and more environmentally sustainable options, Tupperware has struggled to maintain its market position. Last month, the company raised alarms about its viability, repeatedly signalling potential bankruptcy risks due to severe liquidity challenges.