Every kitchen boasts of Tupperware’s air tight plastic containers. But not for long. Despite attempts to freshen up its products in recent years and reposition itself to a younger audience, the 77-year-old US company has failed to stop a slide in its sales.
Earlier this week, the shares of the company tanked by 50% after it announced that there was “substantial doubt about the company’s ability to continue as a going concern,” and that it was working with financial advisers to find financing to stay afloat.
It added that it didn’t have enough cash to fund its operations if it didn’t secure additional investment. Moreover, the company was exploring layoffs and was reviewing its real estate portfolio for potential money-saving efforts.
