Tupperware Brands plans to file for bankruptcy, Bloomberg News By Reuters reports

-Tupperware Brands is preparing to file for bankruptcy as soon as this week, Bloomberg News reported Monday, citing people familiar with the plans.

The company’s shares fell 15.8% to 43 cents after the bell. They closed with 57%.

Founded in 1946 by chemist Earl Tupper, the company’s popularity exploded in the 1950s, when women of the postwar generation held “Tupperware (NYSE:)” parties at their homes to sell food storage containers in search of capacity and independence.

The COVID-19 pandemic has provided a boost in sales from families sheltering at home, cooking more and producing lots of leftovers. Sales have fallen in recent quarters as the world reopens.

Tupperware plans to enter court protection after breaching the terms of its debt and hiring legal and financial advisers, Bloomberg News reported Monday.

The bankruptcy preparations follow prolonged negotiations between Tupperware and its creditors over how to manage more than $700 million in debt, according to the report.

Tupperware did not immediately respond to a Reuters request for comment.

In March, the company warned it was unsure its business would be able to continue as a going concern and was facing a liquidity crunch.