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Tupperware warns it could go out of business

Tupperware warns it could go out of business

We might soon have to wave goodbye to the iconic containers

After decades of prepping, storing, freezing and transporting, Tupperware has warned that it could go out of business.

And yes - Tupperware is an actual brand, not just the name for every loose container and seemingly mismatched lid you've got floating around in your kitchen cupboards.

The company was launched after chemist Earl Tupper created lightweight, non-breakable plastic containers in 1946, and over the years, it's come to sell everything from baking tools to drinks' pitchers.

Tupperware sells all kinds of containers.

Storage containers always come in handy, but Tupperware specifically has struggled to bring in consistent amounts of money over the last couple of years, sparking concerns for the future of the business.

In a regulatory filing submitted on Friday (7 April), the company explained it has been in conversation with financial advisors to try and find money to keep the business going, but that there is 'substantial doubt about the company's ability to continue as a going concern'.

Neil Saunders, retail analyst and managing director at GlobalData Retail, has suggested that there are a number of issues at play for Tupperware, including a 'sharp decline in the number of sellers, a consumer pullback on home products, and a brand that still does not fully connect with younger consumers'.

Friday's report comes after the New York Stock Exchange noted that Tupperware didn't file an annual report for 2022, which could lead to its stock being de-listed.

Customers might have to wave goodbye to the brand.

Tupperware also responded to say that it plans to file a report within the next 30 days, and it admitted there 'can be no assurance' the report will 'be filed at such time'.

Miguel Fernandez, president and CEO of Tupperware Brands, addressed the company's issues in a statement released on Friday, saying: "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."

Last month, Tupperware said its net sales for 2022 were $1.3 billion; marking an 18 percent decrease from the year prior.

Following the report released on Friday, the company's stock went down $1.18.

After its securities filing, the brand's share price had also sank by nearly 50 percent, reaching $1.22 a share.

After announcing the concerns, Tupperware is set to review a number of different elements of the company, considering factors such as cash management and available properties to sell, to determine whether it could stay in business.

Featured Image Credit: Tupperware

Topics: US News, Life, Home, Food and Drink