The manufacturer of food storage boxes Tupperware is under heavy pressure on the stock market due to liquidity problems. After the company warned of acute liquidity shortages, the stock fell 49 percent to $1.2 on Monday.
The price fell to the lowest level since the low point at the start of the Corona crisis about three years ago.
Tupperware had previously announced that the continuation of business was uncertain due to liquidity bottlenecks. The company has hired consultants and started talks with potential investors to raise money. “The company is doing everything it can,” promised boss Miguel Fernandez.
Tupperware once revolutionized the household world with its bowls and boxes, some of which are considered design classics, and with its sales parties set out to create a new, innovative way of selling products. But the Orlando company, founded in 1946 and whose founder Earl Tupper rocked kitchens with his colorful “miracle bowls,” is in crisis.
In the last quarter of 2022, sales fell 20 percent to $313.7 million from the same period last year. All in all, Tupperware made a loss of $35.7 million. In addition, the company did not submit the annual report on time, which could lead to breach of credit agreements. (sda/dpa)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
