Stock prices plummet, Tupperware teetering on the brink of bankruptcy.

Tupperware revealed on April 7th that it had received notification from the New York Stock Exchange (NYSE) that Tupperware's stock was at risk of delisting due to its failure to file the required annual report.

Tupperware's leadership stated that they were not confident they could submit the report before the extension deadline, as they were uncertain about the company's ability to continue operating in the future.

“We are doing everything we can to mitigate the impact of recent events while also seeking additional funding to address our challenges,” Tupperware CEO Miguel Fernandez said in a press release.

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

Tupperware experienced phenomenal growth in the first two years of the Covid-19 pandemic. The company's stock price surged to $37 per share as demand for kitchenware and food supplies increased during lockdowns.

This 77-year-old American brand is renowned for its high-quality kitchenware and food storage containers. Photo: thestatesman.com

However, the kitchenware brand has frequently faced difficulties due to cash constraints as borrowing costs continue to rise. The company's stock hit a low of $1.22 after falling 49.6% on April 11th.

Tupperware's stock has fallen approximately 84% since November 2022, when the company first expressed concerns about its ability to continue operating.

Founded in the United States in 1946, Tupperware and its distinctive food containers have shaped the modern food preservation industry. Tupperware now distributes its products in nearly 70 countries worldwide, primarily through independent agents.

The 77-year-old brand has struggled to attract younger consumers with newer, more fashionable products amid the rise of numerous competitors, while demand for household goods has declined in the aftermath of the pandemic.

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

Nguyen Tuyet (Based on CNN, Straits Times, Consumer Affairs)

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