Tupperware Slumps After Hiring Advisers to Address Concerns About Its Viability
- Iconic brand cites capital structure, liquidity issues
- Looking at real estate portfolio for streamline opportunities
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Tupperware tumbled nearly 49% Monday, the largest drop on record, to notch an all-time low after the company said it hired financial advisers “to help improve its capital structure and remediate its doubts regarding its ability to continue as a going concern.”
Tupperware experienced a sizzling run-up during the first year of the Covid pandemic, almost tripling in 2020, as the lockdown boosted kitchenware sales. It’s fallen on harder times since then. In November, the company announced a going-concern about its future and reported disappointing earnings, sending shares lower. Now, with the iconic brand hiring advisers, investors have been further spooked.