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Historic homeware brand Tupperware has filed for bankruptcy in the United States.

The Orlando-based Tupperware Brands Corporation, said launching bankruptcy proceedings was the “best path forward” after exploring “numerous strategic options” to stay afloat despite debts of more than $700 million.

The business – famous for its airtight storage containers that were used by Queen Elizabeth II to store breakfast cereal – was developed in 1946 by Earl Tupper in Leominster, Massachusetts.

He developed plastic containers to contain food and keep it airtight, which featured a then-patented “burping seal”.

In June the company announced it was laying off 150 workers at a US factory and moving to Mexico to take advantage of lower wages there.

Chief executive Laurie Ann Goldman said: “Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment.”

Earlier this year, the troubled firm said it was trying to secure financing from investors as it was at risk of going bust. It now plans to seek approval from a US court to find a buyer for the business who could protect the brand.

Tupperware, which enjoyed explosive growth in the mid-20th century, was well-known for its Tupperware parties, which were first held in 1948. These encouraged women to host parties and sell the products to friends and neighbours in their home. It was popularised by saleswoman and marketer Brownie Wise, who helped develop the “party plan” marketing scheme now used by businesses such as the make-up brand Avon.

Tupperware today describes itself as empowering female entrepreneurship through social selling.

But the brand struggled in the years leading up to the pandemic, during which it enjoyed a brief resurgence as people stuck at home began cooking and saving leftovers more.

Before its pandemic resurgence, Tupperware had negative sales growth for three consecutive years, according to FactSet.

Its model has been widely emulated by rival brands and supermarket own-version food containers, which often retail at lower prices.

“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,” Ms Goldman said.

“We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process.”