Tupperware, the US maker of food storage containers, has warned it faces going out of business if it cannot find new funding.
Shares in the 77-year-old firm fell by almost 50% on Monday after it warned of “substantial doubt” about its “ability to continue as a going concern”.
The US company was warned on 3 April its shares were in danger of being delisted from the New York Stock Exchange because it had not yet filed its annual report.
A Tupperware Party in Florida, 1968. Pic: State Archive of Florida
It has confirmed it will need to renegotiate its loans after already amending agreements three times since August 2022.
CEO Miguel Fernandez said in a statement: “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.”
Some people held virtual Tupperware parties during the COVID pandemic
The business has been struggling in recent years to get rid of its old-fashioned image and attract younger customers by becoming more environmentally friendly.
Known for its “Tupperware parties”, the company previously sold its products almost exclusively through people selling the items to friends and family in their home, or through its own website.
Its ranges now include more sustainable materials such as glass and stainless steel and it makes some products from used mixed plastic waste that would have otherwise have ended up in landfills.
Last year, it signed a deal with the US chain Target to sell its products in-store, however demand for home products has fallen.
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