(WJET/WFXP) — Tupperware Brands, the company that revolutionized food storage decades ago, has filed for Chapter 11 bankruptcy protection.

Tupperware Brands plans to continue operating and will seek court approval for a sale, the company said just before midnight on Tuesday.

Tupperware is seeking bankruptcy protection amid growing struggles to revitalize its business. Tupperware sales growth improved during the early days of the COVID-19 pandemic, but overall sales have been in steady decline since 2018 due to rising competition. And financial troubles have continued to pile up for the Orlando, Florida, company.

Doubts around Tupperware’s future have floated around for some time. Last year, the company sought additional financing as it warned investors about its ability to stay in business and its risk of being delisted from the New York Stock Exchange.

Shares have fallen 75% this year and closed Tuesday at about 50 cents apiece.

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Tupperware experienced explosive growth in the mid-20th century with the rise of Tupperware parties, first held in 1948. Tupperware parties gave many women a chance to run their own businesses out of their homes, selling the products within social circles.

The system worked so well Tupperware removed its products from stores three years later. Social changes, namely fewer dinners made from scratch and more nights spent dining out, took a toll Tupperware sales.

“Over the last several years, the Company’s financial position has been severely impacted by the challenging macroeconomic environment,” said Laurie Ann Goldman, the president and chief executive officer of Tupperware. “As a result, we explored numerous strategic options and determined this is the best path forward. This process is meant to provide us with essential flexibility as we pursue strategic alternatives to support our transformation into a digital-first, technology-led company better positioned to serve our stakeholders.”

Tupperware was founded in 1946, establishing its headquarters in Orlando, Florida. The company currently employs over 5,450 people across 41 countries. They also work with over 465,000 independent sales consultants who sell Tupperware products on a freelance basis to over 70 countries.

The Associated Press contributed to this report.

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