Tupperware risks bankruptcy due to 'failure to keep up with the times'

The brand became a household name in the 1950s and 1960s at Tupperware parties. Credit: AP Photo/Garrett Cheen

Tupperware, the household name behind plastic food storage containers, has said it could go bankrupt without emergency funding.

A US-based firm said it had «substantial doubts about its ability to continue in business for the foreseeable future» after its stock plunged 50%.

The brand became famous in The 1950s and 1960s at Tupperware parties where people would go door to door to buy and sell containers.

The company recently remarketed to increase revenue by targeting a younger audience.

Neil Saunders, managing director of GlobalData Retail, said that Tupperware «has failed to change over time in terms of its products and distribution.»

According to him, customers were no longer associated with the brand, including those who remembered Tupperware from its heyday.

Instead, they bought fancier containers at lower prices in stores or online.

Tupperware Brands Corporation shares fell $1.18 (95p) to $1.24 (£1) on Monday.

On April 3, the company said it was working with financial advisors to secure new investment flows.

The company is reportedly having problems after high interest rates were applied to its loans, forcing it to renegotiate the terms of the loan three times since last August.

However, the company's shares are now the risk of delisting from the New York Stock Exchange after the company fails to file an annual report.

Tupperware was founded by Earl Tupper in 1946 and was originally sold in American department stores.

Containers are not immediately became popular as people didn't know how to use them, being more familiar with glass and ceramic products.

Brownie Wise, a saleswoman, played a significant role in expanding the business.

She promoted Tupperware as a saleswoman who handled door-to-door sales, hosted parties at home to find customers, and hired vendors to deliver containers to the market.