Tupperware Brands has filed for bankruptcy after years of falling sales.
The US maker of food storage containers has been trying to reposition itself to younger customers, but has struggled against cheaper competition.
The company, founded in 1946, has seen sales slide for a number of years, apart from a brief surge in sales during the pandemic.
Rising costs of raw materials, higher wages and transportation costs have also eaten into profit margins.
Shares have fallen by more than 50% this week following reports of the company's intention to file for bankruptcy.
Chief Executive Laurie Ann Goldman told investors: "We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process."
FTSE 100
The UK's flagship share index, the FTSE 100, was down 14-points at 8,295 shortly after opening this morning.
Brent crude oil futures were down 0.50%, trading at $73.33 a barrel.
Companies reporting today
Foresight Solar Fund | Half Year Results |
Moonpig Group | Trading Statement |
PZ Cussons | Full Year Results |
Supermarket Income REIT | Full Year Results |