Tupperware, the US maker of food storage containers, has warned that it could go bust unless it can quickly raise new financing. The 77-year-old firm said there was “substantial doubt about its ability to continue as a going concern”. Tupperware has been attempting to reposition itself to a younger audience but has failed to stop a slide in its sales. Its shares plunged nearly 50% on Monday before recovering slightly on Tuesday.

The firm became well-known in the 1950s and 1960s when people held “Tupperware parties” in their homes to sell plastic containers for food storage. Tupperware still employs a direct sales force – who earn a percentage of all the goods they sell – as well as selling goods on its website. It recently started selling its products in US retail chain Target in an attempt to entice younger shoppers as well as to other retailers around the world. It has also expanded its range into cooking products, such as a grill that works in a microwave.

Tupperware said in March that its workforce of direct sellers had shrunk by 18% in 2022 compared to the previous year. It was also impacted by Covid lockdowns in China which hit consumer access to products.