The world-renowned storage container brand Tupperware has filed for bankruptcy.

Famous storage container brand Tupperware Brands, based in the US, has announced that it has filed for bankruptcy due to debts exceeding $700 million. Tupperware's shares have lost 15.8% of their value following the announcement as the company continues its efforts to seek court protection.

"COMPANY AFFECTED BY CHALLENGING ENVIRONMENT"

In a statement announcing the bankruptcy filing, Tupperware's President and CEO Laurie Ann Goldman stated, "The company's financial situation has been significantly affected by the challenging macroeconomic environment in recent years. As a result, we have explored numerous strategic options and have determined that this is the best way forward."

CONTINUED PAYMENTS

The company has stated that it will seek court approval for the sale process of the business in order to protect its brand and further advance the transformation of Tupperware into a digitally-focused, technology-driven company. The company also emphasized that it will seek approval to continue its operations and make payments to its employees and suppliers during the bankruptcy proceedings.

SHARES DEPRECIATED

The company's shares traded at $0.5099 on Monday. This value was above $2.55 in December of last year. Tupperware announced that it implemented a strategic plan to modernize its operations and increase efficiency after a new management team was appointed last year.

DECLINING POPULARITY IN RECENT YEARS

Tupperware, known for its airtight plastic containers, has lost its popularity among consumers in recent years and its attempt to distribute products through the retail chain Target did not reverse its fortunes. According to Tupperware's website, the company's roots date back to 1946 when chemist Earl Tupper found inspiration while creating molds in a plastic factory shortly after the Great Depression.