Orlando. Tupperware Brands, the company behind the iconic plastic containers that revolutionized food storage after World War II, has filed for bankruptcy. The Orlando-based company, known for its colorful kitchenware and famous direct-sales parties, is seeking Chapter 11 protection after failing to revitalize its business or secure a viable takeover offer.

The brand, synonymous with food storage much like Kleenex is with tissues, has struggled with declining sales, growing competition, and a fading direct-to-consumer sales model that once fueled its success. The shift away from in-home sales, combined with increasing concerns over plastic’s environmental impact, has hit Tupperware hard.

In its bankruptcy filing on Tuesday, Tupperware reported $1.2 billion in debts against $679.5 million in assets. The company, which employs over 5,450 people and partners with more than 465,000 consultants worldwide, plans to continue operating during the bankruptcy process. It is also seeking court approval for a potential sale to protect the brand.

Despite attempts to modernize—such as selling products on Amazon and launching a line made with sustainable materials—Tupperware’s financial troubles persisted. CEO Laurie Ann Goldman acknowledged the struggles, emphasizing that bankruptcy will provide "essential flexibility" to help the company transform into a digital-first business.

However, Tupperware’s new lenders oppose the filing, seeking either to liquidate the company or collect their debts.

Shares in Tupperware have fallen 75 percent this year as the brand faces significant liquidity challenges and the risk of being delisted from the New York Stock Exchange.

In Indonesia, Tupperware was the brand's largest market in 2013, followed by Germany. Sales in Indonesia reached up to US$ 200 million, supported by approximately 200,000 agents.

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