Tupperware, the maker of food storage containers, has filed for bankruptcy in the US.
The firm, which was founded 78 years ago, said it was seeking approval to find a buyer for the business as part of attempts to protect the brand.
The American company is mostly known for its “Tupperware parties”, which became hugely popular in the 1960s and 70s as people sold its products, which were mostly made of plastic, to friends, family and neighbours in their home.
The historic brand was also reportedly once used by the late Queen.
Tupperware Brands Corporation said starting bankruptcy proceedings was the “best path forward” after exploring “numerous strategic options” to stay afloat.
Chief executive Laurie Ann Goldman said: “Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment.
“Whether you are a dedicated member of our Tupperware team, sell, cook with, or simply love our Tupperware products, you are a part of our Tupperware family.
“We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process.”
Last year, the troubled firm said it was trying to secure financing from investors as it was at risk of going bust.
Founded in 1946, Tupperware was developed by Earl Tupper in Massachusetts and grew rapidly as a solution to reducing food waste.
But in recent times, it has increasingly struggled to compete with rival firms making containers which are cheaper and better for the environment.
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Tupperware sales improved during the early days of the COVID pandemic, but overall they have been in steady decline since 2018.
Its products currently include more sustainable materials such as glass and stainless steel, while some are made with plastic waste.