The iconic band Tupperware says it has engaged financial advisers amid concerns about the business’s continuity. 7NEWS
The 77-year-old company sells food preparation, storage and serving products, and rose to popularity in the 1950s when women hosted Tupperware parties to sell products.
In a statement, the corporation said it had been challenged by higher interest costs as well as internal and external business economics.It said there were doubts about the company’s liquidity and also “substantial doubt about its ability to continue”. Chief executive officer of Tupperware Brands Miguel Fernandez said the company had engaged financial advisers to improve the business’s position, which included seeking potential investors or financing partners.“Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position,” he said in a statement.
“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.” Tupperware shares plunged by almost 50 per cent on April 10, and shares have been down 90 per cent since last year.Tupperware Brands says it is struggling to stay afloat.
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