The food storage container manufacturer Tupperware is once more in crisis. The traditional company warned investors of acute financial difficulties.
The food storage container manufacturer Tupperware has come under heavy pressure on the stock exchange due to liquidity concerns. After the company warned of acute cash shortages, the stock fell 49 percent on Monday to $1.2. The price fell to its lowest level since the record low at the beginning of the Corona crisis around three years ago.
Tupperware had previously announced that the continuation of business operations was uncertain due to liquidity bottlenecks. The firm has hired consultants and started talks with potential investors to raise money. “The company is doing everything in its power,” promised boss Miguel Fernandez.
$35.7 million loss
Tupperware once revolutionized the household world with its bowls and boxes, some of which are considered design classics, and with its sales parties it focused on a new, innovative way of selling products. But the Orlando company, which was founded in 1946 and whose founder Earl Tupper stirred up the kitchens with his colorful “miracle bowls”, is in crisis.
In the final quarter of 2022, sales fell by 20 percent to $ 313.7 million compared to the same period last year. All in all, Tupperware made a loss of $35.7 million. In addition, the company failed to submit the annual report on time, which might result in the breach of credit agreements.
