Once a staple household product for midcentury families, Tupperware said in a court filing that its focus on direct sales ultimately became a weakness. Tupperware Brands Corporation (NYSE: TUP), owner of the iconic food storage brand Tupperware,

Tupperware Brands has filed for Chapter 11 bankruptcy protection. The company that revolutionized food storage decades ago says it plans to continue operating and will seek court approval for a sale.

Tupperware's lenders opposed the food storage and kitchen products company's proposed bankruptcy auction during the company's first court appearance, cutting off its access to cash and threatening to derail the company's bankruptcy plans.

Tupperware and some of its subsidiaries have filed for Chapter 11 bankruptcy protection, the once-iconic food container maker said in a statement.

After 78 years in business, food storage industry icon Tupperware has filed for bankruptcy.

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.

Tupperware listed $500 million-$1 billion in estimated assets and $1 billion-$10 billion in estimated liabilities, according to bankruptcy filings in the U.S. Bankruptcy Court for the District of Delaware. It listed the number of creditors to be between 50,001 and 100,000.

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.

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

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