The Manufacturer of a Staple American Home Brand Might Be Going Out of Business The company cited "substantial doubt" in its ability to continue operating in a recent SEC filing.
By Madeline Garfinkle Edited by Jessica Thomas
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For Tupperware, the long-standing home goods manufacturer best known for its reusable containers, the ending may be near.
In March, the company released its 2022 financial results, citing an 18% decrease in net sales year-over-year and a $28.4 million loss from continuing operations.
"We expect 2023 to be a transition year, as we work to stabilize the business and solidify our financial foundation," Mariela Matute, chief financial officer of Tupperware Brands, said in a statement released with the results.
Related: Bed, Bath, and Goodbye: Home Goods Company Says It Could Go Bankrupt. And Inventory Is Low.
But in a Securities Exchange Filing on April 3, just a month after releasing the 2022 financial results, Tupperware noted "substantial doubt" in its ability to continue operating, which has been a "growing concern for at least one year," it wrote in the filing.
The company also stated that it is reviewing various aspects of its business including its real estate portfolio, cash management and monetization of assets to "deliver additional liquidity."
"Tupperware has embarked on a journey to turn around our operations, and today marks a critical step in addressing our capital and liquidity position," Miguel Fernandez, president and CEO of Tupperware Brands, said 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."
Over the past year, Tupperware stock has plummeted by more than 90%; it's down nearly 70% year-to-date as of Tuesday morning.
