
Tupperware says it could soon be going out of business.
US company and one of Mzansi’s uniquely nostalgic company Tupperware, has warned that it could be going out of business,.
According to reports the stock prices continues to fall for the company known for its kitchen and storage containers.
USA today reports that the company said there is “substantial doubt about the company’s ability to continue as a going concern” in a regulatory filing filed last Friday,
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The company has also reportedly engaged with financial advisors to find financing to keep the company in business.
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In a statement released by the company’s president they are working around the clock to turn things around.
“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.” said Miguel Fernandez, president and CEO of Tupperware Brands, said in a statement.
The Company also added that it is is reviewing its real estate portfolio for property available for potential dispositions or sale-leaseback transactions, and is exploring right-sizing efforts, monetization of fixed assets, cash management, and marketing and channel optimization, to preserve or deliver additional liquidity.
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