The company earned a reputation in the 1950s and 1960s as an innovator of kitchen solutions, when it introduced its plastic, air-tight food containers and began marketing them through “Tupperware parties” directly in consumers’ homes.But in today’s economy, the company has struggled to attract younger customers and distinguish itself amid a much more crowded market. In an effort to modernize its business model, Tupperware struck a deal last year with Target, the U.S.
Tupperware warns it will not have enough capital to continue operations if it doesn’t secure a new source of money, the release states. The company is working with financial advisors to reorganize and stay afloat.87 guns wrapped in bubble wrap, holiday paper in Chicago vehicle destined for Canada seized: policeThe company is considering laying off workers and selling assets in its real estate portfolio, among other measures, to generate liquidity.
“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 wrote in the 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.”