Tupperware, the US maker of food storage containers, has warned it faces going out of business if it cannot find new funding.
Shares in the 77-year-old firm fell by almost 50% on Monday after it warned of “substantial doubt” about its “ability to continue as a going concern”.
The US company was warned on 3 April its shares were in danger of being delisted from the New York Stock Exchange because it had not yet filed its annual report.
It has confirmed it will need to renegotiate its loans after already amending agreements three times since August 2022.
CEO Miguel Fernandez said in a statement: “Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position.
“The company is doing everything in its power to mitigate the impacts of recent events, and we are taking immediate action to seek additional financing and address our financial position.”
The business has been struggling in recent years to get rid of its old-fashioned image and attract younger customers by becoming more environmentally friendly.
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