Tupperware Brands, a name synonymous with plastic storage containers and kitchen parties, is facing a bleak future. The company’s stock plummeted a staggering 57% on Tuesday, following the announcement of plans to file for bankruptcy. This dramatic drop reflects the dire state of the once-dominant household brand, struggling to adapt to changing consumer habits and a fiercely competitive market.

The iconic brand, known for its iconic colorful containers and direct-selling model, has been grappling with declining sales for years. The rise of online retailers, shifting consumer preferences towards eco-friendly alternatives, and the decline in in-person gatherings have all contributed to Tupperware’s downfall.

The company’s attempt to reinvent itself with new products and an expanded online presence has fallen short, failing to attract a new generation of consumers. Despite efforts to streamline operations and reduce debt, the company ultimately found itself unable to overcome its financial challenges.

The bankruptcy filing marks a sad end to a once-powerful brand. Tupperware, once a symbol of modern American households, is now a cautionary tale of a company struggling to adapt to a rapidly evolving market. While the future remains uncertain, the company’s legacy as a cultural icon will undoubtedly continue to endure. The once-ubiquitous plastic containers will remain a part of many kitchens, serving as a reminder of a bygone era.