Tupperware challenges heading-problem warning, hires advisers to shore up liquidity

“The corporation is doing everything in its electricity to mitigate the impacts of recent activities, and we are getting fast action to seek out more funding and handle our monetary place,” Fernandez said.

The advisers would assist the company, synonym with storage containers and other kitchen solutions, make improvements to its funds construction and liquidity “and remediate its uncertainties concerning its skill to go on as a going concern,” Tupperware
TUP,

said.

The purchaser-solutions corporation stated it is seeking for added funding and is talking about its options with potential investors or financing partners.

Tupperware is also reviewing its real-estate portfolio with an eye for possible sales or lease-back again transactions, it stated.

Owing “to the complicated inner and exterior business enterprise economics, coupled with the greater concentrations and cost of borrowings beneath its credit history facility, the business now forecasts that, if it is not able to attain adequate capital sources or amendments to its credit score settlement, it may well not have suitable liquidity in the around term,” the organization explained.

Tupperware is late submitting its annual report and stated Friday that any time the money benefits are filed they will “differ significantly” from results declared March 1.

The corporation mentioned it expects to file its 10-K with the securities regulators in the following 30 days. “Further time is desired by the business and its auditors to comprehensive the planning and audit of the economical statements, together with the restatement of sure of its previously issued monetary statements, just before the Sort 10-K can be filed,” it said.

Tupperware stock is down 88% in the past 12 months, in contrast with losses of all-around 9% for the S&P 500 index.
SPX,
+.36%
Equity markets were being shut Friday in observance of Excellent Friday.