Tupperware flags doubts to continue amid inadequate liquidity

By Thomson Reuters Mar 29, 2024 | 1:49 PM

Tupperware Brands flagged doubts about the ability to continue as a going concern for at least a year and forecast inadequate liquidity to fund operations, the seller of plastic airtight food storage containers said in a filing with the SEC on Friday.

The company, which had earlier delayed its 10K filing for 2022, also filed a NT10-K on Friday to notify that it will delay the 10-K filing for FY 2023.

Tupperware blamed ongoing material weaknesses in internal control over financial reporting, its challenging financial condition and significant attrition resulting in resource and skill set gaps for multiple delays in its annual report filings.

Sales have declined in recent quarters following a recovery during the COVID-19 pandemic when consumers largely cooked at home and spent more on the 77-year old company’s products to store their leftovers.

(Reporting by Mehnaz Yasmin and Granth Vanaik in Bengaluru; Editing by Sriraj Kalluvila and Marguerita Choy)