Tupperware Brands is preparing to file for bankruptcy as soon as this week, Bloomberg News reported Monday, citing people familiar with the matter.
The company’s shares were down 59% at 48 cents after the bell.
Tupperware is planning to enter court protection after it breached the terms of its debt and enlisted legal and financial advisers, according to the report.
The bankruptcy preparations follow protracted negotiations between the home-goods company and its lenders over how to manage more than $700 million in debt, Bloomberg News reported.
Tupperware did not immediately respond to a Reuters request for comment.
