Tupperware, one of the brands that revolutionized U.S. retailing with its famous sales parties, is entering Chapter 11 after attempts to turn the business around.

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Tupperware filed for Chapter 11 bankruptcy due to declining sales and an increase in competition from other brands.

Tupperware — the company that sells those nostalgic, lidded plastic containers from your youth — is trying to file for bankruptcy after years of financial ups and downs.

Tupperware Brands has filed for Chapter 11 bankruptcy protection. The company that revolutionized food storage decades ago says it plans to continue operating and will seek court approval for a sale.

Tupperware is best known for its once-iconic, colorful food storage containers. Here's what we know so far after the company filed for bankruptcy.

Chapter 11 bankruptcy protection earlier this month. It plans to close more than 300 stores as part of its restructuring. Stay on top of the latest real estate news by signing up here for The National Observer: Real Estate Edition.

The brand, once so popular it became the name of an entire product category, has seen sales fall as consumer behaviors change and competition increases.