Tupperware Brands Flags Doubts About Ability to Continue as Going Concern for at Least a Year

Tupperware Brands Faces Financial Challenges

Tupperware Brands, known for its plastic airtight food storage containers, expressed concerns about its ability to sustain business operations for the next year. The company indicated in a filing with the SEC that it foresees insufficient liquidity to support its activities.

Delayed Filings and Ongoing Challenges

The company, which previously postponed its 10K filing for 2022, has now also delayed the 10-K filing for FY 2023 by submitting an NT10-K on Friday. Tupperware attributed these delays to persistent weaknesses in its internal financial control, challenging financial circumstances, and significant employee turnover resulting in skill gaps.

Impact of the Pandemic

Tupperware reported a decline in sales over the past few quarters, following a surge during the Covid-19 pandemic. The company experienced increased demand as consumers cooked more at home and utilized its products for leftovers, but sales have since decreased.