Iconic supermarket brand files for bankruptcy in blow to consumers: 'Party is over!'

The food storage container company has confirmed it has asked for court permission to begin a sale of its business with the hope it will continue operating.

For decades, the Tupperware brand has become synonymous with storing food to the point that customers use its name when describing a plastic container.

However, the firm has struggled to update and revitalise its products amid a changing and younger market.

In March, Tupperware issued a warning that it could go out of business if new revenue was not generated.

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Bloomberg reports that the homeware brand has accumulated more than $700million in debt.

In response to news of its rumoured bankruptcy, Tupperware sales fell by 50 per cent this week.

During the Covid-19 pandemic, the firm reported a surge in sales as more consumers cooked at home.

However, amid the economy returning to normal, sales have plummeted in recent years.

Notably, the hiked cost of raw materials, higher employee wages and transportation costs have hurt the business' profit margins.

In a statement to investors, Tupperware's chief executive Laurie Ann Goldman outlined what is potentially at stake for the firm.

She explained: "Over the last several years, the company's financial position has been severely impacted by the challenging macroeconomic environment."

The company was founded by Earl Tupper in 1946 and became an invaluable tool for housewives due to helping with food preservation at a time when refrigerators were expensive.

According to the brand, it is sold in over 70 countries worldwide.

However, market analysts have sounded the alarm that Tupperware's best days are far behind it.

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Susannah Streeter, the head of money and markets at Hargreaves Lansdown, outlined the current state of the business's financial issues.

"The party has been over for some time for Tupperware," she shared.

"Shifts in buyer behaviour pushed its containers out of fashion, as consumers have started to wean themselves off addictions to plastics and find more environmentally conscious ways of storing food."