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Food storage container manufacturer Tupperware tumbled nearly 50 percent on the stock market. The price has fallen to its lowest level since the record high at the start of the Corona crisis nearly three years ago.
Tupperware previously stated that the continuation of business activities is uncertain due to liquidity bottlenecks. The firm hired advisors and started talks with potential investors to raise money. “The company is doing everything it can,” the company’s boss, Miguel Fernandez, promised.
Tupperware has revolutionized the home world with its bowls and boxes, some of which are considered design classics, and focused on a new, innovative way of selling products through sales parties. But the Orlando company, founded in 1946, whose founder Earl Tupper has mixed kitchens with colorful “miracle bowls”, is in crisis.
Sales in the last quarter of 2022 decreased by 20 percent compared to the same period of the previous year, to $ 313.7 million. As a result, Tupperware lost $35.7 million. In addition, failure of the company to submit its annual report on time may result in breach of loan agreements.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
