Tupperware Brands warns of potential closure within a year due to liquidity issues, as it forecasts inadequate funds to support operations. The company has appointed a new CEO, hired an investment bank to explore strategic options, and reached a debt restructuring agreement with lenders. Tupperware attributes delays in financial filings to ongoing internal control weaknesses, financial challenges, and significant attrition. Sales have declined following a pandemic-related surge, and the company's shares are down 33% this year, closing at $1.34.
Tupperware Brands, known for its iconic food storage containers, has expressed doubts about its ability to continue as a going concern due to a liquidity crunch and slumping demand. The company, which saw a boost in sales during the pandemic, has reported ballooning losses and faces challenges with increased costs of materials, labor, and logistics. Tupperware has made efforts to address its financial struggles, including appointing a new CEO, hiring an investment bank, and restructuring its debt, but continues to face delays in its financial reporting filings and ongoing material weaknesses in internal control.
Tupperware's Smart Containers Collection, featuring vented tops for optimal air circulation, is designed to keep potatoes, onions, and garlic fresh for longer periods, ultimately saving money and reducing grocery trips. The containers, which vary in size to hold up to 11 pounds, also control light and humidity to preserve food. With high ratings on Amazon and a reputation for durability, these containers are a worthwhile investment, especially during the current sale ending at midnight on January 3.
If you have smelly Tupperware, you can eliminate the odors by placing fresh coffee grounds in the container overnight. Coffee contains nitrogen, which minimizes oxidation and helps keep food smelling fresh. For stubborn odors, mix water and baking soda to create a paste, apply it inside the containers, let them sit for a day, and rinse clean. This hack allows you to repurpose your Tupperware and avoid adding to landfill waste.
Amazon's stock surged 10% after reporting a massive profit beat and positive guidance, while Apple slipped 3% despite beating earnings expectations. Tupperware Brands saw a 44.1% increase in its stock price after finalizing a debt restructuring deal. Booking Holdings jumped 9% and hit a new 52-week high after announcing strong quarterly results. Icahn Enterprises' shares dropped 25% after cutting its quarterly dividend in half amid criticism from Hindenburg Research. Block's shares plunged 13% despite a strong quarterly report, and Nikola's stock slid 12% after its CEO stepped down and the company reported disappointing second-quarter results.
Tupperware Brands' shares surged 44% after the company finalized a debt restructuring deal, sparking renewed interest from retail investors. The Florida-based kitchen storage container maker had raised concerns about its ability to continue as a going concern due to declining sales. The agreement with lenders will reduce or reallocate $150 million of cash interest and fees and provide immediate access to a revolving borrowing capacity of $21 million. Tupperware's recent share surge of over 449% has caught the attention of retail traders, making it the fourth most touted stock on stocktwits.com. The rally resembles the phenomenon of "meme stocks," where retail investors coordinate on social media to speculate on struggling companies or those with high short interest.
Tupperware, the iconic leftovers storage brand, has managed to secure a deal with its creditors to reduce its interest payment obligations by $150 million, secure $21 million in new financing, extend the deadline for paying back debt, and reduce the amount of debt owed. This agreement has given the struggling company a new lease on life, leading to a surge in its stock price. However, Tupperware still faces challenges such as competition, lack of brand awareness among younger consumers, and financial difficulties.
Stocks are making significant moves in premarket trading. Apple's shares dropped despite reporting higher-than-expected earnings per share for the fiscal third quarter. Block, the payments tech company, saw its shares slide despite beating second-quarter earnings and revenue expectations. Coinbase, the crypto exchange, fell after posting a narrower-than-expected loss and surpassing revenue expectations. Amazon's stock surged following strong second-quarter results and positive revenue guidance. Tupperware's shares soared after finalizing a debt restructuring deal. Other notable moves include Nikola rising after winning shareholder approval to issue new stock, Fortinet tumbling after a mixed second-quarter report, Opendoor Technologies dropping on weak revenue guidance, and DraftKings gaining after surpassing analysts' estimates in the second quarter.
Tupperware Brands saw its stock surge 44% after finalizing a debt restructuring deal, sparking renewed interest from retail investors. The kitchen storage container maker had raised concerns about its ability to continue as a going concern due to declining sales. The agreement with lenders will reduce or reallocate $150 million in cash interest and fees and provide immediate access to a revolving borrowing capacity of $21 million. Tupperware's stock has experienced a significant surge in recent weeks, driven by retail traders and social media attention. The company was the fourth most discussed stock on stocktwits.com and the second most actively traded stock by retail investors.
Tupperware Brands Corp.'s stock surged over 90% in after-hours trading after the company announced a debt restructuring agreement with its lenders. The agreement includes reducing interest and fees, extending the maturity of debt facilities, and accessing additional borrowing capacity. Tupperware aims to improve its financial position and continue its turnaround efforts. The company had previously issued a going-concern warning and is currently restating its financial statements. Despite recent stock gains, Tupperware should not be considered a meme stock.
Tupperware's stock has experienced a significant rally, surging over 300% in the past five trading days, despite recent concerns about the company's business. The stock rose by 50% on Thursday, reaching its highest level since March, and trading volume was well above average. This unexpected surge in stock price is reminiscent of the "meme" stock phenomenon seen with companies like Bed Bath & Beyond. Tupperware's stock is also heavily shorted, with approximately 25% of its public float sold short. Despite the recent gains, the stock is still down around 30% for the year.
Tupperware Brands Corp.'s stock has experienced a significant surge, with shares climbing 46.6% on Wednesday and rising a total of 177.8% this week. The company's market capitalization reached $84.51 million, nearly tripling from its previous value of $33 million. Tupperware has faced various challenges, including an 18% sales decline and a going-concern warning. The recent trading activity reflects a trend of "left for dead" stocks experiencing unexpected spikes.
Tupperware, once a revolutionary brand that empowered women to become saleswomen and popularized party-style sales, is now facing financial peril. The company's sales have stagnated and its value is now less than a tenth the size of its debt. Tupperware's growth has mostly come from overseas, and during the pandemic, its profits quadrupled, but the surge didn't last. The company has missed deadlines for at least two financial reports and has been warning of a possible pending bankruptcy since April. Tupperware is now selling some products at Target, but it still makes most of its money through individual sellers.
Amazon is offering a set of two vintage-inspired Tupperware pitchers on sale for almost 60% off. The retro Tupperware Pitcher Set features the familiar push-button lid that seals snugly and opens easily for pouring. With a sturdy, stable design made from durable, BPA-free, dishwasher-safe material, these may be the only pitchers you’ll ever need. The collection will continue to expand over time, according to Tupperware Brands.
Tupperware Brands Corp has enlisted investment bank Moelis & Co to explore strategic alternatives as it struggles with declining sales and rising competition from cheaper food storage containers. The company has also found additional prior period misstatements in its financial reporting. Tupperware has warned of a possible bankruptcy and expects a "material decline" in revenues for the first quarter. The company has appointed a chief restructuring officer and has been slow to pivot to e-commerce sales.
