I remember my mother attending Tupperware parties in the late 1970s and early 1980s. She'd come back with those plastic storage containers that were frequently microwave safe and that amazing pitcher. Over the years cheap plastic food storage bins with airtight lids became pretty common, and high-quality plastic food storage bins with airtight lids went out of style. Now, decades later, Tupperware sounds insolvent and ready to go under.
In a statement, Tupperware said that its shares were in danger of being delisted from the New York Stock Exchange because it had not yet filed its annual report.
It also warned that it had to renegotiate its loans after already amending its loan agreements three times since August 2022.
Tupperware said it was struggling with higher interest costs on its borrowings while it attempts to turn the business around.
The company said it "currently forecasts that it may not have adequate liquidity in the near term", adding that it "has therefore concluded that there is substantial doubt about its ability to continue as a going concern".
In addition, Tupperware said that its financial results for 2021 and 2022 as well its interim figures in 2021 and the first three months of 2022 had been "misstated" due to how the firm accounted for taxes and leases.
Tupperware's share price dropped by nearly 50% on Monday.
