Tupperware's lenders opposed the food storage and kitchen products company's proposed bankruptcy auction during the company's first court appearance, cutting off its access to cash and threatening to derail the company's bankruptcy plans.

Tupperware and some of its subsidiaries have filed for Chapter 11 bankruptcy protection, the once-iconic food container maker said in a statement.

Tupperware, one of the brands that revolutionized U.S. retailing with its famous sales parties, is entering Chapter 11 after attempts to turn the business around.