Tupperware Stocks Plunge, on the Verge of Bankruptcy

Tupperware revealed on April 7 that it had received notice from the New York Stock Exchange (NYSE) that Tupperware's shares were at risk of being delisted due to failure to file a required annual report.

Tupperware executives said they were not confident they could submit the report before the deadline, as they were uncertain about the company's ability to sustain operations in the near future.

“We are doing our best to minimize the impact of recent events while seeking additional financing to address our issues,” Tupperware CEO Miguel Fernandez said in a press release.

The company is also looking at cost-saving measures, including job cuts and a review of its real estate portfolio , according to Mr. Fernandez.

Tupperware grew rapidly in the first two years of the Covid-19 pandemic. Its stock price at that time soared to $ 37 / share as demand for kitchenware and food storage increased during the period of social distancing.

The 77-year-old American brand is famous for its high-quality kitchen appliances and food containers. Photo: thestatesman.com

However, the kitchenware brand has been struggling with cash constraints as borrowing costs have risen. Its shares hit a low of $1.22 after falling 49.6% on April 11.

Tupperware shares have fallen about 84% since November 2022, when the company first expressed concerns about its ability to stay afloat.

Founded in the United States in 1946, Tupperware and its signature food containers created the modern food storage industry. Tupperware now distributes its products in nearly 70 countries worldwide, primarily through independent distributors.

The 77-year-old brand has struggled to attract younger consumers with new, trendier products amid a surge of competitors, while demand for home products has declined since the pandemic ended.

In March, the company reported a loss of $28.4 million for 2022, down significantly from $152.2 million in 2021. The company's net revenue last year fell 18% to $1.31 billion. The company currently has about $700 million in long-term debt .

Nguyen Tuyet (According to CNN, Straits Times, Consumer Affairs)

Source: https://www.nguoiduatin.vn/co-phieu-lao-doc-tupperware-ben-bo-vuc-pha-san-a602501.html