Iconic U.S. company Tupperware warns it may shut down
Tupperware, an iconic American company that’s name is synonymous with at-home parties, may be shutting down.
In a regulatory filing late Friday, the container maker said there was a “substantial doubt about the company’s ability to continue as a going concern,” CNN reported. It’s working with financial advisors to find financing to stay in business.
The warning came after the New York Stock Exchange warned Tupperware’s stock could be de-listed due to failure to file an annual report for 2022. The report may be coming in the next 30 days but the company offered “no assurance” it could meet the required deadlines.
“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 in a 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.”
Founded in 1942, Tupperware has relied mostly on direct-sales models for much of its history.
Tupperware’s shares fell almost 50% Monday following the report.