The 77-year-old company planned to grow its business through multiple retail channels -- like Target -- and get its products in front of younger consumers who’ve never even heard of Tupperware parties. That has failed to work so far.
In a regulatory filing late Friday, the container maker said there’s “substantial doubt about the company’s ability to continue as a going concern,” and that it’s working with financial advisers to find financing to stay afloat. Tupperware said it won’t have enough cash to fund its operations if it doesn’t secure additional money. The company said it is exploring potential layoffs, and it’s reviewing its real estate portfolio for potential money-saving efforts.
It has been trying to shed its staid image and attract younger customers with newer and trendier products. It also struck a deal with Target last year to sell its products. Several issues are hurting Tupperware, including a “sharp decline in the number of sellers, a consumer pullback on home products, and a brand that still does not fully connect with younger consumers,” according to Neil Saunders, retail analyst and managing director at GlobalData Retail.
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