The US-based company said it has engaged financial advisors to help improve its capital structure and remediate its doubts regarding its ability to continue as a going concern.
The company’s board of directors is actively engaged with management to improve Tupperware’s capital structure and near-term liquidity. The company has also said it is engaging in discussions with potential investors or financing partners and is reviewing its property portfolio.
Ceo, Miguel Fernandez, commented: “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.”
Tupperware has said a violation of its credit facility covenants is probable as a result of its delay in filing its annual report on form 10-K for the year ended 31 December, 2022.
Due to the challenging internal and external business economics, coupled with increased levels and cost of borrowings, the company has forecasted that, if it is unable to obtain adequate funding, it may not have adequate liquidity in the near term. As a result, Tupperware has concluded there is substantial doubt about its ability to continue as a going concern.
