Tupperware Brands has warned that the 77-year-old company may not survive another year and expects insufficient liquidity to fund operations, the seller of tightly controlled plastic food storage containers said in a filing with the Securities and Exchange Commission on Friday.
Tupperware first raised major doubts about its ability to remain in business nearly a year ago.
Since then, it has appointed consumer goods industry veteran Lori Ann Goldman as its new CEO, hired investment bank Moelis & Co LLC to explore strategic alternatives and struck a deal with lenders to restructure its debt obligations.
The company, which previously delayed its 2022 10K filing, also filed an NT10-K on Friday notifying that it would delay its 2023 fiscal year 10K filing.
The company said it plans to complete due process and submit its $10,000 application for 2023 “as quickly as possible,” but added that “there can be no guarantee as to the timing of completion of the application.”
Tupperware blamed persistent material weaknesses in internal control over financial reporting, its difficult financial situation and significant attrition that led to resource and skills gaps due to multiple delays in filing its annual reports.
Sales declined in recent quarters after a recovery during the COVID-19 pandemic when consumers largely cooked at home and spent more on the company's products to store their leftovers.
Earlier this year, Tupperware was also asked to retain KPMG LLP as its new independent auditor after the former declined reappointment.
Shares closed Thursday at $1.34 and are down 33% this year.
“Beer aficionado. Gamer. Alcohol fanatic. Evil food trailblazer. Avid bacon maven.”