Tupperware on the brink of bankruptcy?

Could this be the beginning of the end for the infamous Tupperware recipes and salon get-togethers that made it famous?

If we are to believe the plastic container giant’s latest financial results published on Wednesday, nothing is looking good.

Shares of Tupperware Brands plunged 42% on Wednesday after the publication of third-quarter financial results, which showed the company’s debt had grown significantly relative to its profit. While Tupperware Brands has $103 million available, its debt exceeds $700 million.

The statement on Tupperware’s financial results said the manufacturer may be unable to meet the covenants of its credit agreement, “raising substantial doubt about the company’s ability to continue as a going concern.”

Net sales were $302.8 million, down 20% year over year from $376.9 million in the same period of the prior year.

Gross profit was $196.6 million, or 64.9% of net sales, compared to $247.9 million, or 65.8% of net sales, in the prior year period.

Founded in 1946, Tupperware distributes its products in nearly 70 countries primarily through independent distributors worldwide.