Iconic homeware brand Tupperware is on the verge of bankruptcy, according to reports.
The Orlando-based multinational company, known for its line of airtight storage containers has accrued debts of more than $700 million and could file for bankruptcy as soon as this week, according to Bloomberg.
The historic business, whose containers were once used by the late Queen Elizabeth II, was developed in 1946 by Earl Tupper in Leominster, Massachusetts.
Tupperware is an American home products line that includes food preparation, storage, and serving products for the kitchen and home.
He developed plastic containers to be used in households to contain food and keep them airtight, which featured a then-patented “burping seal”.
In June the company announced that it was laying off 150 workers at a US factory and moving to Mexico to take advantage of cheaper wages there.
Tupperware, which had explosive growth in the mid 20th century, was well-known for its Tupperware Parties, first held in 1948.
Salespeople would encourage 1950s housewives to hold their own parties and sell the containers to friends and neighbours in their own homes, leading to a boom in the emerging technology.
The Queen reportedly kept breakfast cereals in Tupperware containers in Buckingham Palace.
But it sputtered in the years leading up to the pandemic before people stuck at home began home cooking and saving leftovers more.
Prior to the pandemic resurgence, Tupperware had negative sales growth for three consecutive years, according to FactSet.
The model has been widely emulated by rival brands and supermarket own-version food containers, which often sell for cheaper prices.
A four-piece set of Tupperware fridge storage containers costs more than £90 at the recommended retail price (RRP), with a six-piece costing up to around £120.