(Bloomberg) -- Tupperware Brands is preparing to file for bankruptcy as soon as this week, according to people with knowledge of the plans, following a years-long effort to revive the business amid waning demand.

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The home-goods brand, which has for much of a century defined food storage, is planning to enter court protection after it breached the terms of its debt and enlisted legal and financial advisers, said the people, who requested anonymity to discuss confidential information.

The company’s shares fell by more than 50% as of 3:53 p.m. in New York on the news.

The bankruptcy preparations follow protracted negotiations between Tupperware and its lenders over how to manage more than $700 million in debt. The lenders agreed this year to give it some breathing room on the violated loan terms, but the company continued to deteriorate.

The plans aren’t final and could change. A representative for Tupperware declined to comment.

Tupperware has for years warned of doubt in its ability to stay in business. In June it made plans to shutter its only US factory and lay off almost 150 employees. Last year, it replaced Chief Executive Officer Miguel Fernandez and several board members as part of an effort to turn the business around, appointing Laurie Ann Goldman as the new CEO.

Tupperware in 1946 introduced its plastic products to the public after founder Earl Tupper invented their flexible airtight seal. The brand exploded into American homes largely by way of sales parties hosted by suburban women.

The company has continued throughout its almost 80 years in operation to rely largely on direct sales by an army of amateur vendors, counting in regulatory filings more than 300,000 independent salespeople as of 2022.

(Updates to add share price decline in third paragraph.)

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