In a statement this week, Tupperware announced “substantial doubts” about its ability to continue business operations. The company is currently working to improve its capital structure and near-term liquidity, has engaged financial advisors to secure supplemental financing, and is reviewing its real estate portfolio and considering right-sizing efforts, like monetization of fixed assets, cash management and marketing and channel optimization.
“Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position,” said Miguel Fernandez, Tupperware Brands President and Chief Executive Officer. “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.”
Even amid challenges, the company is still seeing global quarterly sales exceeding $1 billion.