Tupperware Brands is expected to file for bankruptcy, possibly within the week, after years of fruitless effort revitalizing the business amid declining demand.

The company from which it originated the familiar word “tapper”which for much of a century essentially shaped food storage, is planning to enter receivership after breaching the terms of its debt and enlisting legal and financial advisers, the sources, who spoke on condition of anonymity, told Bloomberg.

The company’s shares were found at free fall over 50% in New Yorkin the wake of the news.

The bankruptcy preparations follow protracted negotiations between Tupperware and its creditors over how to manage debt, amounting to more than 700 million dollars Lenders agreed this year to give the company a breather on breached lending terms, but the picture has continued to deteriorate.

However, according to Bloomberg, the plans are not final and may change, adding that a Tupperware representative declined to comment.

Tupperware has been warning about its prospects for years. In June, he presented a plan to close the only factory he had in the US, which included the dismissal of almost 150 workers. Last year, it replaced CEO Miguel Fernandez and several board members in an effort to reverse the downward spiral, appointing Laurie Ann Goldman as its new CEO.

80 years of presence

Tupperware entered the plastic products market in 1946, when its founder Earl Tupper invented the now legendary airtight container lid. It invaded American households through home taper demonstrations undertaken mostly by women.

For nearly its entire 80-year run, the company has relied heavily on direct sales from an army of amateur sellers, counting over 300,000 independent sellers by 2022.

The factory in Thebes

On Greek soil, the company maintained a factory, which had been operating since 1967 in Thebes. In March 2023, however, the multinational announced to its 150 employees its decision to go into lockout.