The manufacturer of food storage boxes Tupperware is no longer in a festive mood: the group is under heavy pressure on the stock market. After the company warned of acute liquidity shortages, the stock fell nearly 50 percent. Whether Tupperware can continue its business operations is uncertain.
The share price only dropped to around 1.2 dollars (1.10 euros) per share on Monday. It is the lowest level since the low point at the start of the Corona crisis about three years ago.
Attempt to raise money
Tupperware had previously announced that the continuation of business was uncertain due to liquidity bottlenecks. The company has hired consultants and started talks with potential investors to raise money. “The company is doing everything it can,” promised boss Miguel Fernandez.
Tupperware once revolutionized the household world. With its sales parties, the company assumed a new, innovative way of selling products. Some bowls and boxes are considered design classics. But the 1946 Orlando, Florida company whose founder Earl Tupper rocked kitchens with his colorful “miracle bowls” has been in crisis for years.
Millions lost last year
In the last quarter of 2022, sales fell 20 percent to $313.7 million from the same period last year. All in all, Tupperware made a loss of $35.7 million. In addition, the company did not submit the annual report on time, which could lead to breach of credit agreements.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
