From the BZ editorial team
Tupperware has long since stopped talking about a party atmosphere.
Over the years, the US manufacturer Tupperware, founded in 1946, has maneuvered its way into a mega company with designer plastic jars and exclusive sales at meetings in small circles, and today everyone knows them.
But it hasn’t been possible to build on the earlier success for a long time: the food storage container manufacturer has come under heavy pressure on the stock exchange due to lack of money.
The reason: The company warned of acute financial difficulties. The result: the share rushed down, falling 49 percent on Monday to $ 1.2 – the lowest price since the record low at the beginning of the corona crisis around three years ago. For comparison: At the end of 2013, the papers had cost more than 90 dollars.
Tupperware had previously announced that the continuation of business operations was uncertain due to liquidity bottlenecks. The firm has hired consultants and started talks with potential investors to raise money. If that doesn’t work, the threat of compulsion insolvency.
“The company is doing everything in its power,” promised boss Miguel Fernandez.
Tupper is out
Tupperware once revolutionized the household world with its bowls and boxes, some of which are considered design classics, and with its sales parties it focused on a new, innovative way of selling products. But the Orlando company, founded in 1946, whose founder Earl Tupper stirred up the kitchens with his colorful “miracle bowls”, is in crisis.
While retail has shifted more and more to the Internet in recent years, where shopping giants such as Amazon and Alibaba are pushing prices down with enormous market power, Tupperware has long continued undeterred to its classic sales channels – and to comparatively expensive products. Although Tupperware has been offering its products more online for a number of years, it is far behind here.
In the final quarter of 2022, sales fell by 20 percent to $ 313.7 million compared to the same period last year. All in all, Tupperware made a loss of $35.7 million. In addition, the company failed to submit the annual report on time, which could result in the breach of credit agreements.