FuzzMartin Consumer products company Tupperware (NYSE:TUP) and certain of its subsidiaries have voluntarily initiated Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware. Tupperware (TUP) will seek court approval to continue operating during the proceedings and to facilitate a sale process for the business to protect its brand and further advance its transformation into a digital-first, technology-led company. The company appointed a new management team last year, to implement a strategic plan to modernize its operation sand capabilities. \"Over the last several years, the Company's financial position has been severely impacted by the challenging macroeconomic environment. As a result, we explored numerous strategic options and determined this is the best path forward. This process is meant to provide us with essential flexibility as we pursue strategic alternatives to support our transformation into a digital-first, technology-led company better positioned to serve our stakeholders,\" said Laurie Ann Goldman, President and CEO. Shares of the company declined 7.5% on Wednesday during pre-market trade. The stock price has tumbled about 70% during the last one year.