Tupperware: Iconic kitchenware brand warns it may go out of business
Tupperware’s stock is down 70 per cent this year
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Your support makes all the difference.Tupperware is warning that it may go out of business.
The Orlando-based multinational company, known for its line of airtight storage containers, said it had “substantial doubt about its ability to continue as a going concern” in a new press release.
The company’s shares plunged 50 per cent after its securities filing, sinking to $1.22 a share.
Tupperware’s stock is also down 70 per cent this year.
“Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position,” Miguel Fernandez, Tupperware Brands CEO, said in the statement.
“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.”
According to multiple outlets, Tupperware has warned that it faces being delisted from the New York Stock Exchange due to being late in filing the standard annual report.
The company also said when it does file its financial results, they will look substantially worse than usual.
On top of these issues, Tupperware is facing lawsuits from its investors who are accusing the company of hiding “serious issues” in the financial filings.
As of last week, Tupperware is considering selling some of its real estate properties or cutting some parts of the business, per the press release.
Tupperware is an American home products line that includes food preparation, storage, and serving products for the kitchen and home.
The company was developed in 1946 by Earl Tupper in Leominster, Massachusetts.
He developed plastic containers to be used in households to contain food and keep them airtight, which featured a then-patented “burping seal”.
Tupperware is now sold in almost 100 countries.
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