NEW YORK – Shares of Tupperware plunged 49% on Monday as the maker of plastic containers and other kitchen products warned of acute cash shortages.
The iconic US brand saw its share price fall to US$1.24 (RM5.48), hitting a three-year low, after it said it hired “financial advisers to help improve its capital structure and remediate its doubts regarding its ability to continue as a going concern”, reported German news agency dpa.
“The company is doing everything in its power to mitigate the impacts of recent events,” Tupperware boss Miguel Fernandez said in a company statement.
Tupperware revolutionised the world of housewares with its bowls, dishes, and kitchen containers, becoming a symbol of post-World War II prosperity.
But the Orlando-based company, founded in 1946 by Earl Tupper, is now trying to pull itself out of a liquidity crisis.
In the final quarter of 2022, year-on-year sales slumped by 20% to US$313.7 million. On balance, Tupperware made a loss of US$35.7 million. The company also failed to submit its annual report on time, which could lead to the breach of credit agreements. – Bernama, April 11, 2023
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