In profile stock latest this 77-year-old home appliance brand said it has “significant doubts about its ability to continue as a going concern”.
After the information this co Shares of the company headquartered in Orlando (USA) fell 50% to 1,22 USD/share in yesterday’s trading session. This year alone, this home appliance company’s shares have dropped 70%. %.
Tupperware said the company may not be able to repay some debt partly due to a lack of cash due to costs higher loan interest. They are also considering selling some real estate or cutting some divisions business of the business in an effort to streamline operations.
In a statement Miguel Fernandez – CEO of Tupperware said: “Tupperware is beginning the process of shifting its operations. Today is an important step for us in addressing our capital and liquidity situation. The company is doing everything in its power to mitigate impact of recent events”.
According to this CEO, Tupperware is looking for additional financial resources to resolve its financial situation.
However, The company also warned that it could face delisting from the New York Stock Exchange due to delays in submitting annual reports. They also said the audited financial results could be worse than the company initially reported.
In recent years Tupperware has struggled to compete with rivals. defense. The company has had to make efforts to attract younger customers with newer and more trendy products.
Last October the company reached an agreement to sell products at Target supermarket. That same month they also renegotiated with lenders to give the company more flexibility.
Tupperware is also facing a lawsuit from investors. They accused the appliance maker of concealing “serious problems” in the company’s financial statements.
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