Tupperware Brands Corp.’s stock slid 45% Monday to the lowest level in three years, after the maker of food-storage goods issued a going-concern warning late Friday, saying it has hired financial advisers to help navigate its near-term challenges.
The news is just the latest blow to the company TUP , whose products were once a fixture in American homes, made popular in the 1950s by stay-at-home moms who would gather at special parties to introduce the product line to friends and family. In March, the company told analysts on its fourth-quarter earnings call that the sales force fell 18% last year.
Then there’s the issue of the company’s debt burden, which has led to repeated efforts to squeeze concessions from bank lenders so it can remain compliant with financial covenants.
On its third-quarter earnings call in November, Fernandez acknowledged that some of the company’s problems are of its own making. “The global macro environment continues to be challenging, and we are not executing internally at a level or consistency that we believe we should be,” he told analysts on the call, according to a FactSet transcript.
I guess no more people hosting Tupperware parties
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