In the 1960s and 1970s, the US company became famous for its iconic “Tupperware parties”. However, it has struggled in recent years to adapt to the changing market.
Tupperware, a U.S. food storage container maker, has warned that it may go out of business without new investment.
The 77-year-old company’s shares plunged roughly 50% on Monday after a “going concerned” warning.
The US company was warned on April 3 that its shares were in danger of being delisted from the New York Stock Exchange because its annual report had not yet been submitted.
Despite renegotiating its loans three times since August 2022, it insists on renegotiating.
Miguel Fernandez, CEO of Tupperware, issued the following statement: “Tupperware has embarked on a journey to turn around its operations, and today represents a critical step in addressing the company’s capital and liquidity position.
We are taking immediate action to obtain additional financing and address our financial situation.
In recent years, the company has struggled to shed its outdated image and attract younger consumers by becoming more environmentally conscious.
Known for its “Tupperware parties,” the company previously sold its products almost exclusively through private parties and its website.
Its product lines now include more environmentally friendly materials, such as glass and stainless steel, and it manufactures some items from used plastic waste that would have otherwise ended up in landfills.
Last year, it partnered with Target to offer its products in-store, but home product demand has dropped.
