Tupperware Brands Corp has filed for Chapter 11 bankruptcy due to declining sales and rising competition. The company, famous for its airtight food storage products, has been facing financial challenges for years. It listed assets between $500 million to $1 billion, while its debts range from $1 billion to $10 billion. Despite efforts to reduce its $700 million loan burden, business conditions worsened. Founded in 1946, Tupperware became a household name through independent sales parties but now struggles to survive in a changing market.