After many years as one of the leading plastics and food container manufacturers out there, Tupperware is currently facing a crisis and has warned that it might go bankrupt in the event it is unable to get emergency funding.
Founded 77 years ago by the chemist Earl Tupper after whom the company is named, Tupperware was able to push its way from obscurity into one of the top manufacturers out there. But its glory days appear to be fading behind, with the spectre of demise lurking around.
This much was revealed by the company itself as it noted it would need emergency funding or fold up. The shares of the company, which is famous for its Tupperware parties, plummeted 50 per cent after the company informed shareholders it is pessimistic about its ability to continue as a growing concern.
That pessimistic outlook had in turn crashed investor’s confidence in the firm. The result was the concomitant dumping of the company’s stocks. With such a massive loss of confidence, Tupperware is appealing for emergency funding as the means to its survival.
Tupperware was one of the beneficiaries of the pandemic period, so its current travails is surprising to many out there. If it would get funding and stay afloat is left to time.
