- Iconic Tupperware parties in suburban homes captured popular imagination
- In a filing with the SEC, Tupperware Brands warned that it was having problems with its accounts.
- The company doubted whether it could finance itself for another year
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Tupperware has indicated its business may not survive due to declining demand for its plastic packaging and mounting debt.
in a US Securities and Exchange Commission Filing On Friday, the company said it was in a “difficult financial situation” and would miss a deadline to file a 2023 annual report.
The 77-year-old company said it probably doesn’t have enough money to last another year.
Tupperware was founded in 1946 by chemist Earl Tupper and became famous for its airtight food storage containers made of polyethylene.
Their products gained popularity throughout the 1950s thanks in part to their iconic “Tupperware parties,” in which a salesperson would visit someone’s home to demonstrate and sell the containers.
Tupperware Brands has indicated its business may not survive in a filing with the SEC on Friday.
A group of unspecified women attend a Tupperware party, some wearing hats made from Tupperware products, circa 1955.
The iconic Tupperware parties have captured the popular imagination ever since.
For example, Dixie Longate is a drag queen known as ‘Tupperware Lady’. She is played by actor Kris Andersson and known for her comedic skits in which she sells plastic items.
The COVID-19 pandemic boosted Tupperware sales as families stayed home and cooked more meals at home.
Since then, the company has suffered poor sales and accumulated increasing debt, causing its stock price to fall to its lowest levels in its history.
The SEC filing said: “The company’s accounting department has experienced, and continues to experience, significant attrition resulting in resource and skill gaps, limited resources, and a loss of continuity of knowledge.”
It was trading at $1.34 on Friday, down from a high of nearly $100 in 2013.
The company first raised substantial doubts about its ability to continue as a going concern almost a year ago.
Dixie Longate, also known as the Tupperware Lady, performs in Westwood, California
Tupperware Brands shares were trading at $1.34 on Friday, down from a high of nearly $100 in 2013.
It has since named consumer goods industry veteran Laurie Ann Goldman as its CEO.
After discovering errors from previous periods in its financial reports, it hired investment bank Moelis & Co to explore strategic alternatives and reached an agreement to restructure its debt.
It plans to complete its due processes and file its 10K for 2023 “as soon as possible,” but added that “there can be no certainty regarding the timing of completion of the filing.”
Earlier this year, Tupperware was required to hire KPMG as its new independent auditor after the previous auditor declined to reappoint it.