On the Brink of Bankruptcy, Tupperware Stock Plummets After Layoff Announcement

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Cindy Mutia Annur 12/04/2023 13:10 WIB

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The plastic storage container brand, Tupperware, is on the brink of bankruptcy due to its worsening financial condition. Its stock price plummeted following the announcement of employee layoffs.

Tupperware Brands Corporation (TUP) Stock Price Movement (April 11, 2022 - April 11, 2023)

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On the Brink of Bankruptcy, Tupperware Stock Plummets After Layoff Announcement

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Tupperware Brands Corporation (TUP) Stock Price Movement (April 11, 2022 - April 11, 2023)

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The plastic storage container brand, Tupperware, is on the brink of bankruptcy due to its continuously deteriorating financial condition.

Tupperware Brands Corporation (TUP) stock prices plummeted further after the company announced layoffs on Friday, April 7, 2023.

According to Yahoo Finance data, Tupperware's stock price closed at US$1.3 on Tuesday, April 11, 2023. This figure represents a 93.29% drop year-on-year (YoY). Tupperware's stock also plunged 68% year-to-date (YTD).

The New York Stock Exchange (NYSE) warned that Tupperware's stock is at risk of delisting due to the company's failure to release its financial reports.

Tupperware's management stated that it would not have enough cash to fund its operations without additional funding. Therefore, the US-based manufacturer needs additional capital to survive.

Tupperware CEO Miguel Fernandez said the company is exploring potential layoffs and reviewing its real estate portfolio for more potential cost savings.

"The company is doing everything it can to mitigate the impact of recent events, and we are taking immediate action to seek additional financing and address our financial position," said Miguel Fernandez, as quoted by CNN International on Tuesday, April 11, 2023.

This 77-year-old business has recently struggled to maintain its existence amidst the presence of various competitors. Furthermore, Tupperware has been trying to shed its staid image and attract younger customers with newer, trendier products.

Retail analyst and GlobalData Retail Managing Director Neil Saunders said several issues have recently hurt Tupperware, such as declining sales and their products being perceived as outdated.

"Several issues are hurting Tupperware, including a sharp decline in the number of sellers, declining consumer interest in household products, and a brand that still isn't fully connecting with younger consumers," said Neil.

Editor : Padjar Iswara

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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On the Brink of Bankruptcy, Tupperware Stock Plummets After Layoff Announcement

On the Brink of Bankruptcy, Tupperware Stock Plummets After Layoff Announcement

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On the Brink of Bankruptcy, Tupperware Stock Plummets After Layoff Announcement

On the Brink of Bankruptcy, Tupperware Stock Plummets After Layoff Announcement

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