Tupperware, the iconic brand that was once a staple of American kitchens, filed this week for bankruptcy, citing what it called "macroeconomic challenges." Nancy Chen takes a look at the role it played in defining American innovation.

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.

Top lenders to Tupperware Brands are trying to prevent the homeware brand from using its bankruptcy to facilitate a speedy sale.