Tupperware, the iconic food preparation, storage, and serving products brand, has sought financial advice due to concerns about its future.
The 77-year-old company, which became famous for its Tupperware parties, has been facing challenges such as higher interest costs and internal and external business economics. Tupperware’s CEO, Miguel Fernandez, said the company had hired financial advisers to seek potential investors or financing partners to improve its capital and liquidity position.
The company has been struggling to remain competitive against rivals and appeal to younger customers with trendier products.
Tupperware shares have plummeted, and it has issued another “going concern” warning. Neil Saunders, a retail analyst, said Tupperware was in a financially precarious position due to declining sales and being asset-light. Tupperware aims to improve its liquidity by writing down certain non-cash assets.