Tupperware may not go out of business after all
The company, which just four months ago said it had doubts about whether it can remain afloat announced late Thursday that it had reached a deal with its creditors to reduce its interest payment obligations by $150 million. It also secured $21 million in new financing, an extension on the deadline for paying back about $348 million in debt and a reduction in the amount of debt it owes by around $55 million. In other words, Tupperware\n \n has been given new life.
Some of that has been fueled by some meme energy, with online investors pumping up a stock they believed had low risk and high potential for reward. It also got a boost after investment giant BlackRock stepped in as a partner last month, possibly to help manage its debt load. But Tupperware’s prospects aren’t great. It had been running out of cash, challenged by a large number of competitors. Younger consumers lack awareness of the 77-year-old brand that was once a household name.
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