The global organization Tupperware, which is known for its colorful plastic containers, filed for bankruptcy protection under Chapter 11.
According to the company, its declining sales caused it to enter the process.
Although the outbreak of the Covid-19 pandemic briefly increased the company’s sales, it decided to seek court approval to begin the process of selling its business.
The organization noted that it will continue to provide its customers with its products.
The organization was first established in the 1940s by Earl Tupper in Massachusetts.
It became famous during the 1950s and 1960s due to the sales parties held by its representatives.
In a filing last year, the company noted that it was in a financial crisis and would not be able to file its annual report on time.
After experiencing declining sales, the company formed a new management team and unveiled a strategic plan to improve its operations.
According to Ms. Goldman, the organization considered various strategic options before settling on this path.
The company noted that its decision to seek bankruptcy protection provided it with the necessary flexibility to pursue its digital transformation.
In a statement, the company noted that its employees will continue to be a part of the organization during the bankruptcy process.
It also said it would continue to deliver high-quality products to its customers.