INDIANAPOLIS (WISH) — Chances are, you’ve heard of one of their parties. The odds are better than you’ve used one of their products to store a meal. Tupperware, the ubiquitous savior of the leftover, has filed for bankruptcy. The colorful, modern-day designed food containers and home products have long been a staple of American kitchens and homes. The company and certain of its subsidiaries have voluntarily initiated Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware, according to a press release. The filing comes during a period of lower demand for the once-iconic line of products and increasing financial losses. “Whether you are a dedicated member of our Tupperware team, sell, cook with, or simply love our Tupperware products, you are a part of our Tupperware family. We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process,” said Laurie Ann Goldman, President and Chief Executive Officer of Tupperware. “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. This process is meant to provide us with essential flexibility as we pursue strategic alternatives to support our transformation into a digital-first, technology-led company better positioned to serve our stakeholders,” added Goldman. The company will seek approval to remain in business during bankruptcy proceedings and continue to provide their product through Tupperware sales consultants, retail partners and online. “Following the appointment of a new management team within the last year, Tupperware has implemented a strategic plan to modernize its operations, bolster omnichannel capabilities and drive efficiencies to ignite growth. The Company has made significant progress and intends to continue this important transformation work,” the press release said.