June 16, 2024

The Queens County Citizen

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The Tupperware company is collapsing

The Tupperware company is collapsing

Tupperware’s future doesn’t look good, as its shares fell more than 50% on Monday after the plastic dish maker said it had “significant” doubts about its ability to continue in business.

According to Neil Saunders, retail analyst and general manager of retail for Global, the company faces a “significantly reduced number of sellers, consumer decline on home products and a brand that still doesn’t fully connect with younger consumers”. Information.

In a regulatory filing released late Friday, the 77-plus-year-old company said it is currently working with financial advisors to determine “significant doubt about the company’s viability, which remains a continuing concern.” CNN reported.

It didn’t take long for the company’s shares to drop 50% over the weekend, as American media reported on Monday.

For its part, the company is doing “everything in its power” to mitigate the effects of “recent events” and improve its financial situation, even considering possible layoffs, CEO Miguel Fernandez said in a press release.

“The company was once a hotbed of innovation with kitchen gadgets to solve problems, but it’s really lost its edge,” said Neil Sanders.

In an effort to reach younger consumers — some of whom have never heard of “Tupperware parties” — the company entered Target stores last year.

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