Tupperware is working with financial advisors to secure supplemental financing.
Courtesy of Tupperware Brands Corp.
Shares of
Tupperware
were falling sharply Monday after the company disclosed a going-concern warning, saying it was working with financial advisors to improve capital structure and better position the business.
Tupperware (ticker: TUP), which makes food-storage containers, has been struggling recently—the warning follows a securities filing from last month that said some recent “financial statements should be restated and no longer relied upon.”
In its release, the company said its board of directors and management were working to improve near-term liquidity and capital structure.
Tupperware is working with financial advisors to secure supplemental financing and is in discussions with financing partners or potential investors, the filing noted. Its real estate portfolio is also being reviewed.
“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 in a press release.
Last week, after failing to file its annual report on time, Tupperware received a notice from the New York Stock Exchange telling the company it has six months from its due date to submit the 10-K filing to regain compliance.
Tupperware stock fell 37.2% to $1.52 Monday. So far this year, shares have tumbled about 63%. It was on pace for its lowest close since April 7, 2020, when it closed at $1.37, according to Dow Jones Market Data.
Write to Emily Dattilo at [email protected]
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