Tupperware could soon be facing bankruptcy amid “doubts regarding its ability to continue as a going concern,” according to the company.. NYSE .The US-based food storage manufacturer’s announcement came as its share price on the New York Stock Exchange dropped to a record low..Formed in 1946, the company experienced turbulence since the pandemic, leading it to withdraw from several markets including New Zealand in 2022..On Friday, Tupperware announced it had “engaged financial advisors to assist in securing supplemental financing” while reviewing its existing real estate portfolio..The 77-year-old manufacturer cited higher interest rates as well as “challenging internal and external business economics” as part of the reasons why it “may not have adequate liquidity in the near term.”.Tupperware added that, as a result, there is “substantial doubt about its ability to continue as a going concern.”.Its share price has taken a remarkable decline over the past five years, where shares had reached US$45 by May 2018. A gradual decline followed over subsequent years before another rise to US$37 during the pandemic due to an increase in sales..However, its value has been dropping since the beginning of 2021. Following Friday’s announcement, Tupperware’s price fell by 46%, with a share now costing US$1.30..“Tupperware embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position,” said Miguel Fernandez, president and CEO of Tupperware Brands..“The company is doing everything in its power to mitigate the impacts of recent events, and we are taking immediate action to seek additional financing and address our financial position.”
