Tupperware stock plunges after warning it could go out of business

[Eugene]

Source: CNN

Tupperware stock plunges after warning it could go out of business

By Jordan Valinsky, CNN
Updated 3:25 PM EDT, Mon April 10, 2023

New York (CNN) — Tupperware shares fell nearly 50% Monday following a bleak warning that its future is looking murky.

In a regulatory filing late Friday, the container maker said there’s “substantial doubt about the company’s ability to continue as a going concern,” and that it’s working with financial advisers to find financing to stay afloat.

Tupperware said it won’t have enough cash to fund its operations if it doesn’t secure additional money. The company said it is exploring potential layoffs, and it’s reviewing its real estate portfolio for potential money-saving efforts.

The New York Stock Exchange also warned that Tupperware’s stock is in danger of being de-listed for not filing a required annual report.

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Read more: https://edition.cnn.com/2023/04/10/investing/tupperware-trouble/index.html