Once upon a time, it was hard to imagine an American household without some Tupperware products in the kitchen. However, that is apparently not the case anymore. The once successful company admitted it is in danger of going out of business and saw its shares plunge around 50 percent on Monday as a result.
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.