Tupperware starts to show cracks in its finances
Tupperware has embarked on a journey to turn around their operations and mitigate the impacts of recent events on their financial status.
IT may be the end of an era for Tupperware, the global consumer products company, unless it secures emergency funding.
The news was announced in a press release on the brand’s website, stating it had engaged with financial advisors to ‘improve its capital structure and remediate its doubts regarding its ability to continue as a going concern’.
The brand is a household name due to its trendy, innovative food-storage containers which are well-known globally. The company was founded by Earl Tupper in 1946 before emerging into the South African market in 1964.
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“Tupperware has embarked on a journey to turn around our operations, and today marks a critical step in addressing our capital and liquidity position,” said Miguel Fernandez, president and chief executive officer of Tupperware Brands.
“The company is doing everything in its power to mitigate the impacts of recent events, and we are taking immediate action to seek additional financing and address our financial position,” he said.
Another issue is that Tupperware is no longer in compliance with the New York Stock Exchange (Section 802.01E of the NYSE Listed Company Manual) due to its failure to timely file Form 10-K.
“Shares have dipped by 50%,” the company reported on Monday.
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