Iconic food container brand Tupperware has officially filed for Chapter 11 bankruptcy, marking a significant downturn after decades in the market. The company, once famous for its home parties and colorful containers, has faced a substantial decline in sales amid fierce competition from cheaper alternatives, especially among younger consumers. With a staggering $700 million in debt and a reported 57% drop in stock value, Tupperware's inability to adapt to changing consumer preferences has been cited as a key factor in its financial collapse. The brand now seeks strategic alternatives as it navigates this challenging chapter.