TUPPERWARE Brands and some of its subsidiaries filed for Chapter 11 bankruptcy protection on Tuesday, succumbing to declining demand for its once-popular colorful food storage containers and ballooning losses.
The company's struggles to stem the drop in sales resumed after a brief surge during the pandemic when people cooked more at home and turned to its airtight plastic containers to store leftovers. The post-pandemic jump in costs of critical raw materials such as plastic resin, as well as labor and freight further dented the company's margins.
