On April 7, 2023, Tupperware Brands released a statement regarding recent efforts for financial assistance, partners and investors.
Tupperware Brands Corporation wrote, “In addition, the Company is reviewing its real estate portfolio for property available for potential dispositions or sale-leaseback transactions, and is exploring right-sizing efforts, monetization of fixed assets, cash management, and marketing and channel optimization, to preserve or deliver additional liquidity.”
The following Monday, shares for the company dropped nearly 50%. Reportedly, the company is struggling to appeal and stay relevant to younger generations. Although there was a comeback in Tupperware during COVID-19 pandemic, sales fell again after quarantine from around $500 million to $300 million in the past 3 years. On top of this, Tupperware’s stock price dropped from $97 per share to $1.26 per share in just 10 years.
“Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position,” said Miguel Fernandez, President and Chief Executive Officer of Tupperware Brands. “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.”
The New York Stock Exchange (NYSE) sent a notice to Tupperware Brands for not filing its Form 10-Kannual business report. Tupperware Brands has been given six months to file the report to become compliant again.