Tupperware tumbled nearly 49% Monday, the largest drop on record, to an all-time low after the company said it hired financial advisers “to help improve its capital structure and remediate its doubts regarding its ability to continue as a going concern.”
The company is taking actions to improve its liquidity position, which include discussions with potential investors or financing partners, it said. And it’s looking at its real estate portfolio for opportunities to streamline the company and have more cash on hand.
Tupperware failed to file its 10-K for 2022, which likely puts it in violation of credit facility covenants. The company also has cash constraints due to higher interest costs and the timing of re-engineering actions. In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
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