Tupperware Brands Corp ( TUP ) shares are in the spotlight again on Tuesday after the stock fell nearly 60% late Monday on reports suggesting the company is preparing for bankruptcy.

What Happened: According to a Bloomberg report citing people with knowledge of the plans, Tupperware Brands ( TUP ) is planning to file for bankruptcy as soon as this week.

The report indicates that the home-goods brand breached its debt terms and has tapped legal and financial advisors as it prepares to gain court protection.

Tupperware shares fell more than 59% when the report was released Monday afternoon. The weakness continued into Monday’s after-hours session, and the stock remains volatile Tuesday.

Tupperware’s lenders agreed to give the company some breathing room over its debt violations earlier this year, but the company continued to decline.

“We are committed to making ongoing progress in improving liquidity and strengthening our capital structure. We appreciate the support of our lenders, who share in our strategy, as we move forward,” Mariela Matute, CFO of Tupperware Brands ( TUP ), said in early August.

The report notes that Tupperware’s bankruptcy plans have not been finalized and could still change.

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TUP Price Action: Tupperware Brands ( TUP ) shares closed Tuesday down 59.7% at 48 cents. The stock was trading around 49 cents at the time of publication Tuesday, per Benzinga Pro.