But all hope is not lost.

Tupperware has officially filed for bankruptcy.

On Tuesday, the food container giant, which brought financial independence to women across the U.S. in the mid-20th century thanks to their at-home sales parties, announced that it voluntarily initiated Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware.

"Whether you are a dedicated member of our Tupperware team, sell, cook with, or simply love our Tupperware products, you are a part of our Tupperware family. We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process," Laurie Ann Goldman, the president and chief executive officer of Tupperware, shared in a statement.

"Over the last several years, the company's financial position has been severely impacted by the challenging macroeconomic environment. As a result, we explored numerous strategic options and determined this is the best path forward," she continued. "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."

Related: The 6 Best Food Storage Containers, According to Our Tests

As the company's bankruptcy filing noted, it continues to function thanks to those on-the-ground sales agents hosting parties to this day. In fact, the filing noted that the company employs 5,450 employees, along with "465,000 independent sales contractors" around the globe. And while these employees and contractors helped the company make $1.1 billion in revenue for fiscal year 2023, it has still amassed more than $818 million in debt. And it largely blames its continued commitment to its consumer-to-consumer sales as its potential downfall.

"For decades, Tupperware's direct selling business model thrived, offering individuals across the globe — predominantly women — an opportunity to build their own businesses and develop valuable leadership and financial management skills while also cementing the Tupperware brand in the hearts and homes of consumers," the filing read. However, in recent years, this direct selling model "began to turn into weaknesses," as the company didn't move toward a more modernized approach, including neglecting to build an e-commerce sales infrastructure, losing out on potential sales in the process.

However, all hope is not lost.

According to a press release by the brand, it will now seek court approval to continue operating during the bankruptcy proceedings to ensure it can supply customers and retail partners with any orders. It added that it's also seeking court approval to "facilitate a sale process for the business in order to protect its iconic brand and further advance Tupperware's transformation into a digital-first, technology-led company." So you may be seeing a TikTok Shop Tupperware party pop up on your "For You" page soon.