Tupperware Brands, the iconic American food storage container company founded in 1946, has filed for Chapter 11 bankruptcy as it struggles with declining sales and over $700 million in debt. Despite efforts to modernize its product line and appeal to younger consumers, the company has failed to compete against cheaper alternatives and has seen its stock drop significantly. Tupperware's CEO Laurie Ann Goldman cited a challenging macroeconomic environment as a major factor impacting the company's financial health. The company plans to seek court approval to initiate a sale while continuing operations during the bankruptcy process. Tupperware, once famous for its direct sales model through home parties, is also closing its last U.S. factory in South Carolina and moving production to Mexico in a bid to cut costs. The brand's decline has been exacerbated by rising raw material and transportation costs, leading to a substantial drop in demand for its products.