Tupperware stock plunges after warning it could go out of business

The company said it is exploring potential layoffs, and it's reviewing its real estate portfolio for potential money-saving efforts.

"Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position," CEO Miguel Fernandez said in a press release. "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.

Several issues are hurting Tupperware, including a "sharp decline in the number of sellers, a consumer pullback on home products, and a brand that still does not fully connect with younger consumers," according to Neil Saunders, retail analyst and managing director at GlobalData Retail. "The company used to be a hotbed of innovation with problem-solving kitchen gadgets, but it has really lost its edge," he said.

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