Tupperware Engages Financial Advisers as Near-Term Liquidity Faces Pressure
Tupperware products became available in 1946 when chemist Earl Tupper first offered a plastic container with an airtight lid.
Photo:
Nicolas Maeterlinck/Zuma Press
Tupperware Brands Corp.
on Friday said it engaged financial advisers to improve its capital structure.
The food-storage container company said the advisers will assist in securing supplemental financing. Tupperware also said it’s reviewing its real-estate portfolio and is exploring right-sizing efforts, among other measures.
Tupperware said it has determined that a violation of its credit facility covenants is probable to occur as a result of its annual report filing being delayed as well as certain cash constraints. The company said it currently forecasts that if it’s unable to obtain adequate capital resources or amendments to its credit agreement, it may not have enough liquidity in the near term and there is substantial doubt about its ability to continue as a going concern as a result.
“The company is doing everything in its power to mitigate the impacts of recent events, and we are taking immediate action to seek additional financing and address our financial position,” said Chief Executive Miguel Fernandez.
Write to Denny Jacob at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Tupperware products became available in 1946 when chemist Earl Tupper first offered a plastic container with an airtight lid.
Photo:
Nicolas Maeterlinck/Zuma Press
Tupperware Brands Corp.
on Friday said it engaged financial advisers to improve its capital structure.
The food-storage container company said the advisers will assist in securing supplemental financing. Tupperware also said it’s reviewing its real-estate portfolio and is exploring right-sizing efforts, among other measures.
Tupperware said it has determined that a violation of its credit facility covenants is probable to occur as a result of its annual report filing being delayed as well as certain cash constraints. The company said it currently forecasts that if it’s unable to obtain adequate capital resources or amendments to its credit agreement, it may not have enough liquidity in the near term and there is substantial doubt about its ability to continue as a going concern as a result.
“The company is doing everything in its power to mitigate the impacts of recent events, and we are taking immediate action to seek additional financing and address our financial position,” said Chief Executive Miguel Fernandez.
Write to Denny Jacob at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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