Iconic Tupperware warns it could go out of business, sending shares plunging
NEW YORK - Shares of Tupperware plunged 49 per cent on Monday as the maker of plastic containers and other kitchen products warned of acute cash shortages.
The iconic US brand saw its share price fall to US$1.24, hitting a three-year low, after it said it hired "financial advisers to help improve its capital structure and remediate its doubts regarding its ability to continue as a going concern", reported German news agency (dpa).
"The company is doing everything in its power to mitigate the impacts of recent events," Tupperware boss Miguel Fernandez said in a company statement.
Tupperware revolutionised the world of housewares with its bowls, dishes and kitchen containers, becoming a symbol of post-World War II prosperity.
But the Orlando-based company, founded in 1946 by Earl Tupper, is now trying to pull itself out of a liquidity crisis.
In the final quarter of 2022, year-on-year sales slumped by 20 per cent to US$313.7 million.
On balance, Tupperware made a loss of US$35.7 million.
The company also failed to submit its annual report on time, which could lead to the breach of credit agreements. - BERNAMA
