Tupperware Brands Corporation

TUP

Market cap $23.7M

Tupperware Brands Corp. is planning to file for bankruptcy protection, after the food-storage and kitchenware brand broke the terms of its debt following years of struggles with competition, Bloomberg reported on Monday.

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

Tupperware Brands Corp. has extended its debt agreement, according to an SEC filing by the beleaguered maker of food-storage containers.

Tupperware Brands said it will close its last remaining manufacturing plant in the U.S. this fall, which will result in more than 100 employees losing their jobs.

It's safe to say that you just can't keep meme stocks out of the equation. Especially after the recent meme stock rally, triggered by Keith Gill, aka “Roaring Kitty,” to social media, had the market buzzing again.

Are you looking for the “next” GameStop (NYSE: GME ) stock or AMC Entertainment (NYSE: AMC ) stock? That's already a misguided mindset, and it's even worse if you're focused on a troubled business like Tupperware Brands (NYSE: TUP ).

Traders are getting excited about penny stocks right now. Keith Gill, a trader more well-known by the alias Roaring Kitty, resurfaced on social media with a tweet of a man holding a video game controller.

Tupperware (NYSE: TUP ) stock may be experiencing a giant short squeeze as the company's shares are heading higher on Tuesday. This comes without any clear news from the consumer brands company.

Tupperware Brands Corporation (NYSE: TUP) experienced a dramatic increase in its stock value, soaring 23.30% in Tuesday's premarket trading. This significant jump follows a 36.43% rally on Monday, fueled by the resurgence of meme stock trading.