Tupperware, the iconic American brand known for its plastic food storage containers, has filed for Chapter 11 bankruptcy. The company has been grappling with declining sales due to changing consumer behaviors and increased competition.

"Over the last several years, the company's financial position has been severely impacted by the challenging macroeconomic environment," said Laurie Ann Goldman, president and CEO of Tupperware Brands Corporation, in a statement.

The company is now seeking new owners to help advance its transformation into a digital-first, technology-led company.

Tupperware, founded in 1946 by chemist Earl Tupper, became a household name in the 1950s and 1960s with its patented "burping" seal and the popular Tupperware parties. However, the company has struggled to keep up with the times and attract younger customers. Despite a brief revival during the coronavirus pandemic when people were cooking more at home, Tupperware has since seen a decline in sales as it struggles to compete with brands that promote their products to younger people on platforms like TikTok and Instagram.

The company narrowly avoided bankruptcy in August 2023 by restructuring its debt, reducing its interest payments by $150 million, securing a borrowing capacity of up to $21 million, and cutting its debt by $55 million. However, these measures were not enough to sustain the company. In June, Tupperware announced it was closing its only U.S. facility in Hemingway, South Carolina, and laying off almost 150 employees.

Despite the bankruptcy filing, Tupperware plans to continue operating during the bankruptcy process and serving its customers. The company's shares have plummeted 74.5% this year and last traded at just 51 cents.