Tupperware Brands, a household name known for its iconic food storage containers, has issued a warning that it may not survive another year due to inadequate liquidity to fund its operations. The company, which had previously raised doubts about its ability to continue as a going concern nearly a year ago, is facing significant financial challenges.
In an effort to turn its fortunes around, Tupperware has appointed Laurie Ann Goldman as its new CEO and has hired Moelis & Co LLC to explore strategic alternatives. The company has also taken steps to restructure its debt obligations in an attempt to improve its financial position.
However, Tupperware’s troubles have been further compounded by delays in filing its 10K for 2022 and 2023, citing ongoing material weaknesses in its internal control over financial reporting. The company’s sales have declined in recent quarters, following a brief recovery during the COVID-19 pandemic.
As a result of these challenges, Tupperware shares closed at $1.34 and are down 33% this year. The company is now facing a critical juncture and must find a way to navigate its financial troubles in order to secure its future.
With uncertainty surrounding Tupperware’s future, stakeholders and investors will be keeping a close eye on the company’s next steps and strategic decisions in the coming months. Stay tuned for updates on this developing story.