Tupperware was still one of the winners during the corona pandemic, as more people ate at home and so sales of kitchen supplies such as cling pots and cooking sets peaked. Efforts to replace the familiar Tupperware parties at people’s homes with online gatherings paid off.
But in the meantime, the tide has completely turned. Turnover in the third quarter amounted to 302.8 million dollars (converted 306.7 million euros), a fifth less than a year earlier. Continuing operations were also loss-making.
The company says its volatile earnings and tightening covenants with the banks “raise substantial doubts about its ability to continue,” Tupperware said. It continues to negotiate a solution with the banks, but “it is not certain that those efforts will be successful”.
Tupperware had $103 million in cash at the end of the quarter, while debt is over $700 million.
Also see: No more Tupperware parties in the Netherlands