Tupperware Brands, which experienced a resurgence during the pandemic, is now pursuing investors to keep it afloat and is in danger of being delisted by the New York Stock Exchange.
FILE - This Aug. 5, 2011 file photo shows colorful Tupperware products in Bellflower, Calif. Shares of Tupperware Brands Corp. tumbled nearly 50% on Monday, April 10, 2023 after the company said late last week that it had engaged financial advisors to help it secure financing and “remediate its doubts regarding its ability to continue as a going concern.”
FILE - This Aug. 5, 2011 file photo shows colorful Tupperware products in Bellflower, Calif. Shares of Tupperware Brands Corp. tumbled nearly 50% on Monday, April 10, 2023 after the company said late last week that it had engaged financial advisors to help it secure financing and “remediate its doubts regarding its ability to continue as a going concern.”
Shares of Tupperware Brands Corp. tumbled nearly 50% on Monday after the company said late last week that it had engaged financial advisers to help it secure financing and “remediate its doubts regarding its ability to continue as a going concern.” Sales and profits have steadily fallen the past couple of years after the pandemic breathed new life into the Orlando, Florida-based maker of food storage containers. Early in March, Tupperware posted a, rattling investors who were expecting a profit of 22 cents per share.
Sales, which climbed during the pandemic as people stayed home and cooked for themselves, have tumbled from nearly $500 million in the fourth quarter of 2020 to just over $300 million in its most recent fourth quarter.The company last week received a non-compliance notice from the NYSE for failing to file its annual results with the Securities and Exchange Commission. Last month’s preliminary results released to investors showed it lost around $35 million in the fourth quarter.
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