Tupperware has stated in a regulatory filing that it could go bankrupt soon.
The company's shares fell 50% today following the news.
- Tupperware stated unless it raises money, it risks shutting down its operations.
- In order to do so, the company is reportedly thinking about restructuring its real estate portfolio.
- The company claims that it may also lay off a significant percentage of its workforce.
- Founded 77 years ago, Tupperware used to be a market leader in selling kitchen gadgets, storage containers, etc.
- The
company has failed to improve its stagnant sales and attract young
customers despite a partnership with Target it hoped would help reverse
the negative trend.
- Its stock is currently trading at $1.24 ($TUP).
