Tupperware Brands has filed for Chapter 11 bankruptcy protection due to significant financial challenges and a declining business model. Despite efforts to modernize and a temporary sales boost during the COVID-19 pandemic, the company has struggled against increasing competition and changing consumer habits. Tupperware plans to continue operations during the bankruptcy proceedings and is seeking court approval for a sale to protect its brand and transition to a digital-first, technology-led company. The company reported over $1.2 billion in debts and has seen its share price plummet. CEO Laurie Ann Goldman stated that the challenging macroeconomic environment necessitated this move. The company's iconic direct-sales model, which once revolutionized food storage marketing, has failed to keep pace with modern retail trends.