- Tupperware Brands has warned it is not certain its business can continue as a going concern as it faces a liquidity crunch due to slumping demand for its iconic food storage containers.
The Covid-19 pandemic provided a boost in sales from families who sheltered at home, cooked more and produced lots of leftovers. But sales declined in recent quarters as the world re-opened. The company has reported ballooning losses and also has been facing higher costs of resins for its products, labour and logistics.
Since then, it appointed consumer goods industry veteran Laurie Ann Goldman as its chief executive officer, hired investment bank Moelis & Co to explore strategic alternatives following the discovery of prior period misstatements in financial reporting, and struck an agreement to restructure its debt.