In crisis, Tupperware admits possibility of closing operations

The company’s stock plunged 50% on the New York Stock Exchange

Shares of the Tupperware company fell nearly 50% on Monday, 10, on the New York Stock Exchange, selling for just over 1 US dollar. The result can be seen as the response from investors after the latest statement released by the company on Friday the 7th.

In the text, Tupperware Brands has admitted that there is a risk of shutting down its operations. The release sets out in the opening lines that the company has “substantial doubts about its ability to continue as an ongoing enterprise.”

“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 CEO of Tupperware. “The company is doing everything in its power to mitigate the impacts of recent events and we are taking immediate steps to seek additional funding and resolve our financial situation,” he added.

In the text, the brand confessed that it may be violating its credit line agreements, due to cash restrictions caused by higher interest costs. In addition, Tupperware said that if it is unable to obtain new resources or changes to its credit line agreements, it may not have adequate liquidity in the near term.

The brand was founded in 1946 and is present in nearly 70 countries. In all, there are more than 8,500 patented designs on behalf of Tupperware.

Source: Terra

Rose

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