(fxcue news) - Tupperware Brands Corp., an iconic consumer products brand, has filed for Chapter 11 Bankruptcy protection due to hefty financial burdens amid weakening demand. The Florida-based company, in its filing in the United States Bankruptcy Court for the District of Delaware, said it would seek Court approval to continue operating during the proceedings, and to facilitate a sale process for the business. Shares of the company plummeted on Tuesday's extended trading following reports about the company's plan to seek court protection after violating its debt terms. Laurie Ann Goldman, President and Chief Executive Officer of Tupperware, said, "Over the last several years, the Company's financial position has been severely impacted by the challenging macroeconomic environment. As a result, we explored numerous strategic options and determined this is the best path forward." In a statement, the manufacturer of home goods and food storage products said the latest plan is aimed at protecting its iconic brand and further advancing its transformation into a digital-first, technology-led company. Tupperware's CEO Goldman, who took charge of the struggling company in October last year, has been implementing a strategic plan to modernize its operations, bolster omnichannel capabilities and drive efficiencies to ignite growth. Tupperware in June had announced plans to close its last remaining US manufacturing plant in Hemingway, South Carolina by January 2025, laying off 148 employees. The production will be shifted to their plant in Lerma in Mexico. In a filing with the U.S. Securities and Exchange Commission in mid August, the company had stated that it continued to experience significant liquidity challenges, and was doubtful about its ability to continue as a going concern. In April 2023 also, Tupperware had warned of going out of business. In the year 2023, the consumer products company had recorded loss from continuing operations of $28.4 million and an 18 percent drop in net sales to $1.31 billion. Meanwhile, the company now said there are no current changes to Tupperware's independent sales consultant agreements, and that it will continue providing innovative products through Tupperware sales consultants, retail partners and online at tupperware.com. Tupperware plans to file certain customary motions seeking Court approval to support its operations during the process. These include the continued payment of employee wages and benefits as well as compensating vendors and suppliers under normal terms for goods and services provided on or after the filing date. Kirkland & Ellis LLP is serving as legal advisor to Tupperware, and Alvarez & Marsal as its financial and restructuring advisor.