WHAT kitchen doesn't have a few items of Pyrex and/or Tupperware languishing in some cupboard?
But think well of those functional bits of glassware and containers, because they could soon become collectors' items.
In April food container brand Tupperware - famously used by the late Queen Elizabeth II - revealed it is in danger of going bust and there is "substantial doubt" about its ability to stay afloat amid potentially insufficient cash levels.
And now it has emerged that Instant Brands, the maker of Pyrex glassware and Instant Pot multi-cookers, has filed for bankruptcy protection, with as much as $1 billion (£790m) in liabilities.
High interest rates is being cited as part of the problem at the Illinois-based company, which is controlled by private equity firm Cornell Capital.
But another key issue is weak demand for its products, which enjoyed a major renaissance during the pandemic when people were stuck at home.
The company's president and chief executive Ben Gadbois said a "tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable".
As part of the bankruptcy process, the firm has appointed Adam Hollerbach as its chief restructuring officer who said in a court filing that sales fell as consumers started to spend less on goods for their homes after the pandemic.
But Instant Brands will continue operating during the restructuring process with help from $132.5m of new financing from its existing lenders.
As well as the more than a century-old cookware brand Pyrex and Instant Pot, which was launched in 2010, Instant Brands' portfolio also includes kitchenware brands Corelle, CorningWare and Snapware.
It comes after Tupperware - founded 77 years ago by Earl Tupper in Massachusetts in the US - warned in April that it could go bust unless it can quickly raise new financing.
Tupperware has been attempting to reposition itself to a younger audience, but has failed to stop a slide in its sales.
The brand was well known for its Tupperware Parties, first held in 1948, which encouraged women to host parties and sell the products to friends and neighbours in their home.
But its model has been widely emulated by rival brands and supermarket own-version food containers, which often sell for cheaper prices.
A four-piece set of Tupperware fridge storage containers costs more than £90 at the recommended retail price, with a six-piece costing up to around £120.
Global sales of Tupperware grew during the pandemic as people stayed home and cooked for themselves.
But sales tumbled from nearly $500 million (£402m) in the last three months of 2020 to just over $300 million (£241.5m) in the final quarter of 2022.
So, it seems this could be the end of an era for our kitchen cupboards . . . .
