Tupperware Brands, the iconic U.S. manufacturer of food storage containers, announced plans to seek court approval to begin the process of selling the business.
The 78-year-old company had warned last year that it risked going under unless it could secure new funding quickly.
Tupperware has been grappling with declining sales while trying to attract a younger demographic.
The company's stock plummeted over 50% this week following reports of an impending bankruptcy filing.
In a statement, CEO Laurie Ann Goldman acknowledged the business had faced significant challenges due to a "difficult" global economic environment.
Rising costs for raw materials, wages, and transportation have placed further financial strain on the firm.
Goldman explained: "After exploring various strategic options, we believe this is the best course of action.
"This process will give us the flexibility needed to pursue alternatives that support our transformation into a digital-first, technology-driven company better equipped to meet the needs of our stakeholders."
Tupperware was founded in 1946 by Earl Tupper, who invented its signature airtight seal.