For over seven decades, Tupperware has been a kitchen necessity. It's helped store leftovers after a family dinner and package up meals for a friend. But now, surprisingly, Tupperware Brands could soon become a thing of the past.
Earlier this week, the brand shared an ominous press release to the public announcing that it's "actively engaged with management to improve the Company's capital structure and near-term liquidity" in the hopes of improving its operations, but it's not looking great.
A rep for Tupperware further explained the predicament that the brand has found itself in, and also revealed that they're "doing everything" they can to turn around their future.
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"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."
The future of Tupperware Brands looks even more bleak given that they received word from the New York Stock Exchange (NYSE) earlier this month that they were not in compliance with Section 802.01E of the NYSE Listed Company Manual. This resulted from the company not filing a crucial form, and could lead to Tupperware Brands being delisted.
The release concluded that there is "substantial doubt" about Tupperware's ability to continue operating.
Danielle Harling is an Atlanta-based freelance writer with a love for colorfully designed-spaces, craft cocktails and online window shopping (usually for budget-shattering designer heels). Her past work has appeared on Fodor’s, Forbes, MyDomaine, Architectural Digest and more.
