12 April 2023 , 08:03
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Tupperware, the US maker of food storage containers, has warned it is on the brink of collapse unless it can secure emergency funding.
In a statement published this week, the iconic kitchenware company said there was "substantial doubt about its ability to continue as a going concern".
Tupperware, which was founded in 1946 by Earl Tupper in Massachusetts, added that it was working to secure new investment.
Its shares plunged nearly 50% on Monday before recovering slightly on Tuesday.
The company had previously warned its shares were in danger of being delisted from the New York Stock Exchange because it had not yet filed its annual report.
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It also confirmed the business had to renegotiate loans after already amending agreements three times since August 2022.
CEO Miguel Fernandez said in a statement: "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 is reported to be considering selling some of its real estate properties or cutting some parts of the business to save money.
The company became popular in the 1950s thanks to its famous "Tupperware parties" where a "consultant" for the business holds events in their home for friends and family to advertise and sell the latest product lines.
But the firm has struggled to attract younger customers in recent years, who are embracing cheaper and more environmentally-friendly products.
As a result, Tupperware has expanded its ranges to include more sustainable materials such as glass and stainless steel, as well as products made from used mixed plastic waste.
Last year, in a further attempt to move away from its old-fashioned image, it signed a deal with the US chain Target to sell its products in-store.
Tupperware is now sold in almost 100 countries across the world and is regarded as a household name.