It could signal the end of an era, but the Tupperware company vows to continue its long tradition even after filing for bankruptcy this week, according to a release.

A Sept. 17 release from the company stated, "Tupperware Brands Corporation, an iconic global brand...announced that the company and certain of its subsidiaries have voluntarily initiated Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware."

"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," Laurie Ann Goldman, president and chief executive officer of Tupperware stated in the release. "We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process."

Here's what to know about the situation.

Why is the Tupperware company filing for bankruptcy?

The company essentially stated that it is filing for bankruptcy because it is the best option for the business being able to continue into the future. The company has no intention of ceasing operations at this time.

"Tupperware will seek Court approval to continue operating during the (bankruptcy) proceedings and remains focused on providing its customers with its award-winning, innovative products through Tupperware sales consultants, retail partners and online," the release on the matter states. "The Company will also seek Court approval to facilitate a sale process for the business in order to protect its iconic brand and further advance Tupperware's transformation into a digital-first, technology-led company."

"Over the last several years, the Company's financial position has been severely impacted by the challenging macroeconomic environment," Goldman added in a written statement. "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."

Some people don't think the company has the ability to recover.

According to an article from Wicked Local media partner WCVB Channel 5, Susannah Streeter, head of money and markets at UK investment platform Hargreaves Lansdown, noted, "The party is over for Tupperware. There is still a chance a buyer for the business can be found but, with plastic seen as far from fantastic among eco-aware consumers, revitalizing the brand will be an uphill struggle.”