Shares of
Tupperware
were falling sharply Monday after the company disclosed a going-concern warning Friday, saying it’s working with financial advisors to improve capital structure and better position the business going forward.
Tupperware
(ticker: TUP), which makes food-storage containers, has been struggling recently—the warning follows a securities filing from last month that said some recent “financial statements should be restated and no longer relied upon.”
In its release, the company said the board of directors and management are working to improve near-term liquidity and capital structure.
Tupperware is working with financial advisors to secure supplemental financing and is in discussions with financing partners or potential investors, the filing noted. Its real estate portfolio is also being reviewed.
“Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position,” said Miguel Fernandez, president and CEO in a press release.
Last week, after failing to file its annual report on time, Tupperware received a notice from the New York Stock Exchange telling the company it has six months from its due date to submit the 10-K filing to regain compliance.
Tupperware stock fell 8.6% to $2.21 early Monday. So far this year, shares have tumbled nearly 42%.
Write to Emily Dattilo at emily.dattilo@dowjones.com
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