Tupperware’s stock craters after food-storage company warns it may go bust

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Tupperware Brands Corp.'s stock slid 45% Monday to the lowest level in three years.

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.

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I guess no more people hosting Tupperware parties

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Similar News:다른 뉴스 소스에서 수집한 이와 유사한 뉴스 기사를 읽을 수도 있습니다.

Tupperware stock plunges after warning it could go out of business | CNN BusinessThe 77-year-old company planned to grow its business through multiple retail channels -- like Target -- and get its products in front of younger consumers who’ve never even heard of Tupperware parties. That has failed to work so far. surprised they lasted as long as they did after Gladware came to stores decades ago Tupperwhere? 'You still get the free sailboat though'
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Micron, Tesla, Apple, Tupperware and other stocks on the moveTupperware, Micron Technology and Pioneer Resources were among the biggest moving shares on Monday.
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