NEW YORK — Tupperware Brands, the company that revolutionized food storage decades ago, has filed for Chapter 11 bankruptcy protection.

Investing.com-- Food storage maker Tupperware Brands Corporation (NYSE:TUP) filed for bankruptcy on late-Tuesday as the firm’s turnaround plan largely failed to shore up its business and as it grappled with a dire cash crunch due to

Brands is sealing the deal by filing for Chapter 11 bankruptcy as it looks to navigate financial challenges. The iconic company’s decision comes after declining sales for its vibrant food storage containers and stiff competition from more eco-friendly alternatives.

Tupperware Brands, the company that revolutionized food storage decades ago, has filed for Chapter 11 bankruptcy protection.

Tupperware is best known for its once-iconic, colorful food storage containers. Here's what we know so far after the company filed for bankruptcy.

The homeware brand synonymous with cold leftovers has faced declining sales and aims to sell itself out of chapter 11.

Kissimmee-based Tupperware plans to continue operating during the bankruptcy proceedings and will seek court approval for a sale, “in order to protect its iconic brand,” the company said just

"We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process."Over the last several years, the company's financial position has been severely impacted by the challenging macroeconomic environment.