The company said on Tuesday that it had already sold the plant in Hemingway, South Carolina, and will permanently shut it in January 2025. Around 150 workers will lose their jobs as a result.

Tupperware will move the production to its factory in Lerma, Mexico, where the majority of its products are already being made. The decision was likely prompted by cheaper labor costs as well as an increasing customer base in the region.  

“It’s important to note this decision is not a reflection of the performance of the Hemingway team,” Tupperware said in the statement announcing the news. “We appreciate each of our valued team members and the many years of service they have dedicated to our salesforce and to the Company.”

Tupperware has struggled with profitability and mounting debt for several years now. It expressed doubt to continue operating in a Securities and Exchange Commission (SEC) filing back in April 2023 before embarking on a restructuring process that saw the company cut costs and streamline its production.

The post Tupperware is Closing Its Last Remaining Manufacturing Plant in the U.S. appeared first on theprimarymarket.com.

In a regulatory filing made late last week, Tupperware said it has concerns about its “ability to continue.” The company added that it is currently in the process of hiring advisors that would help it turns things around and find funding.

“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,” said Tupperware CEO Miguel Fernandez.

Tupperware experienced a mini-resurgence during the pandemic but has failed to keep the momentum going. The company saw an 18 percent year-over-year decrease in sales in 2022 while finishing the year with a $28.4 million loss from continuing operations.

Tupperware’s stock closed at $1.22 on Monday, down more than 50 percent from the previous week’s price of $2.46 per share. The company’s shares are down close to 70 percent year to date.

The post Tupperware Stock Plunges After Company Says It Could Go Out of Business appeared first on theprimarymarket.com.

The company said on Tuesday that it had already sold the plant in Hemingway, South Carolina, and will permanently shut it in January 2025. Around 150 workers will lose their jobs as a result.

Tupperware will move the production to its factory in Lerma, Mexico, where the majority of its products are already being made. The decision was likely prompted by cheaper labor costs as well as an increasing customer base in the region.  

“It’s important to note this decision is not a reflection of the performance of the Hemingway team,” Tupperware said in the statement announcing the news. “We appreciate each of our valued team members and the many years of service they have dedicated to our salesforce and to the Company.”

Tupperware has struggled with profitability and mounting debt for several years now. It expressed doubt to continue operating in a Securities and Exchange Commission (SEC) filing back in April 2023 before embarking on a restructuring process that saw the company cut costs and streamline its production.

The post Tupperware is Closing Its Last Remaining Manufacturing Plant in the U.S. appeared first on theprimarymarket.com.

In a regulatory filing made late last week, Tupperware said it has concerns about its “ability to continue.” The company added that it is currently in the process of hiring advisors that would help it turns things around and find funding.

“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,” said Tupperware CEO Miguel Fernandez.

Tupperware experienced a mini-resurgence during the pandemic but has failed to keep the momentum going. The company saw an 18 percent year-over-year decrease in sales in 2022 while finishing the year with a $28.4 million loss from continuing operations.

Tupperware’s stock closed at $1.22 on Monday, down more than 50 percent from the previous week’s price of $2.46 per share. The company’s shares are down close to 70 percent year to date.

The post Tupperware Stock Plunges After Company Says It Could Go Out of Business appeared first on theprimarymarket.com.