Tupperware Brands, a company that sells airtight plastic food storage containers, said in a filing with the Securities and Exchange Commission (SEC) on Friday that the 77-year-old company may not survive another year. It said it had warned that it expected it would have insufficient liquidity to fund its operations.
It was nearly a year ago that Tupperware first raised major questions about its ability to continue as a going concern.
Since then, the company has appointed consumer products industry veteran Laurie Ann Goldman as its new CEO, hired investment bank Morris & Company LLC to explore strategic alternatives, and restructured its debt. entered into an agreement with the lender.
The company had previously deferred its 2022 10K filing, but on Friday it also filed an NT10-K, notifying it that it would defer its 2023 10K filing.
The company said it has completed its due process and plans to apply for the $10,000 2023 payment “as soon as possible,” but added: “We cannot guarantee the timing of completing the application.”
Tupperware cited continued significant weaknesses in its internal controls over financial reporting, a challenging financial condition, and significant attrition leading to gaps in resources and skill sets as reasons for multiple delays in filing its annual report. claimed to be the cause.
Sales in recent quarters have rebounded due to the impact of the COVID-19 pandemic, when consumers increased spending on the company’s products primarily to cook at home and store leftovers. is decreasing.
Earlier this year, Tupperware was also asked to retain him as its new independent auditor after KPMG LLP declined to reappoint him.
Shares closed Thursday at $1.34, down 33% this year.
