Tupperware Brands has announced its filing for Chapter 11 bankruptcy protection, a significant move for a company that once transformed food storage and home sales. The company intends to continue its operations while pursuing court approval for a potential sale. Despite a brief uptick in sales during the early days of the COVID-19 pandemic, Tupperware has faced a consistent downturn since 2018, primarily due to intensifying competition and shifting consumer preferences. The decline in home-cooked meals has diminished the relevance of Tupperware’s traditional sales model, which heavily relied on in-home parties. Financial instability has been a growing concern, highlighted by a staggering 75% drop in stock prices this year, closing at around 50 cents per share.

Tupperware's history is rooted in the success of its parties, which started in 1948 and empowered many women to run businesses from home. However, as dining habits evolve, the company must adapt to survive in a changing market landscape. Tupperware now aims to restructure effectively to secure its future and regain consumer interest.