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Tupperware, which initially produced airtight plastic containers for use in homes throughout the country in 1946, has revealed that its party may be ending.
The company released a press statement stating:
Due to the challenging internal and external business economics, coupled with the increased levels and cost of borrowings under its Credit Facility, the Company currently forecasts that if it is unable to obtain adequate capital resources or amendments to its Credit Agreement, it may not have adequate liquidity in the near term. As a result, the Company has concluded there is substantial doubt about its ability to continue as a going concern.
The Board of Directors of the Company is actively working with management to strengthen the Company's capital structure and near-term liquidity. The company has hired financial experts to help it get further funding and is in talks with possible investors or finance partners.
President and Chief Executive Officer of Tupperware Brands, Miguel Fernandez, said
Tupperware has embarked on a journey to turn around our operations, and today marks a critical step in addressing our capital and liquidity position.
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.
Tupperware Brands Corporation (NYSE: TUP) is a worldwide consumer goods company that creates innovative, helpful, and ecologically responsible products that people love and rely on. Tupperware's distinctive container, first in 1946, pioneered the contemporary food storage sector, revolutionizing how the world keeps, serves, and prepares food. Now, this legendary business holds over 8,500 practical design and utility patents for kitchen and household items. Tupperware® goods provide an alternative to single-use items to cultivate a brighter future. The company's interests are distributed in approximately 70 countries, mainly through independent salespeople worldwide.
