late Thursday that it had reached a deal with its creditors to reduce its interest payment obligations by $150 million. It also secured $21 million in new financing, an extension on the deadline for paying back about $348 million in debt and a reduction in the amount of debt it owes by around $55 million.
Investors cheered the news, sending the stock surging. Tupperware is still an extremely troubled brand, and the stock is still trading below $6 a share. But that's a huge improvement from the 61 cents it was selling for just two weeks ago.Some of that has been fueled by some meme energy, with online investors pumping up a stock they believed had low risk and high potential for reward.
But Tupperware's prospects aren't great. It had been running out of cash, challenged by a large number of competitors. Younger consumers lack awareness of the 77-year-old brand that was once a household name. Tupperware has been considering layoffs and property sales to stay afloat. Once sold exclusively by multi-level marketers, similar to Avon and Amway, Tupperware parties were a staple of a bygone era. The company only last year startedIn early June, the New York Stock Exchange even notified Tupperware that it was in noncompliance with the exchange's rules because its market capitalization was too low, less than $50 million, over a period of 30 trading days.
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