Tupperware was funded over 75 years ago, as it has a strong reputation in the US. The company even decided to recently shift its business model to add more emphasis on the e-commerce field.
But although Tupperware has been through some remarkable events in the recent past, everything is far from being fine and dandy for the company. Tupperware is now warning that it could go out of business because it doesn’t have enough funds to survive, as Fortune reveals.
In a press release, Miguel Fernandez, who is both President and Chief Executive Officer of Tupperware Brands, explained:
Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position,
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.
Migues Fernandez has been the new CEO of Tupperware since 2021, when the company appointed him. Before that, Fernandez was the president of Avon North America.
Tupperware’s stock is down 68% year to date. The company is even facing a possible delisting if the situation won’t improve. Sales have been declining at Tupperware, which can mean only one thing: the company needs to find a way to improve its revenues. Otherwise, the downfall is inevitable.
The difficulties that Tupperware is currently going through are a bit surprising, considering that we’re talking about the same company that has been unaffected by the COVID pandemic. As people were staying at home and cooking more, Tupperware had to deal with a surge in requests for its products.
Tupperware also got involved in reducing plastic waste by launching a recycling program after teaming up with TerraCycle back in 2020. If you’ve been using Tupperware’s products, you can get the chance to send them for recycling thanks to the program.