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Tupperware Brands Plans To File For Bankruptcy, Bloomberg News Reports

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Tupperware Brands is preparing to file for bankruptcy as soon as this week, Bloomberg News reported on Monday, citing people with knowledge of the plans.
The company’s shares were down 15.8% at 43 cents after the bell. They closed down 57%. Founded in 1946 by chemist Earl Tupper, the company’s popularity exploded in the 1950s as women of the post-war generation held “Tupperware parties” at their homes to sell food storage containers as they sought empowerment and independence.

The COVID-19 pandemic provided a boost in sales from families who sheltered at home, cooked more and produced lots of leftovers. Sales have declined in recent quarters as the world re-opened.

Tupperware is planning to enter court protection, opens new tab after it breached the terms of its debt and enlisted legal and financial advisers, Bloomberg News reported on Monday.

The bankruptcy preparations follow protracted negotiations between Tupperware and its lenders over how to manage more than $700 million in debt, according to the report.

Tupperware did not immediately respond to a Reuters request for comment. In March, the company warned it was not certain its business could continue as a going concern and faced a liquidity crunch.
About Tupperware
Tupperware Brands Corporation (NYSE: TUP) is a global consumer

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Tupperware Close To Bankruptcy

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According to a Tupperware press release:
“Tupperware Brands Takes Action to Improve Capital Structure and Liquidity Position.”
Engages Financial Advisors to Support Financing and Liquidity Initiatives Announces Substantial Doubt About Ability to Continue as Going Concern. Receives Notice of NYSE Non-Compliance; Anticipates Filing Form 10-K Within 30 Days to Regain Compliance.

 “Tupperware Brands Corporation (NYSE: TUP) (the “Company”), a leading global consumer products company, today announced it has engaged financial advisors to help improve its capital structure and remediate its doubts regarding its ability to continue as a going concern.”
The Company’s Board of Directors is actively engaged with management to improve the Company’s capital structure and near-term liquidity. The Company has engaged financial advisors to assist in securing supplemental financing, and is engaging in discussions with potential investors or financing partners. In addition, the Company is reviewing its real estate portfolio for property available for potential dispositions or sale-leaseback transactions, and is exploring right-sizing efforts, monetization of fixed assets, cash management, and marketing and channel optimization, to preserve or deliver additional liquidity.
“Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position,” said Miguel Fernandez, President and Chief Executive Officer

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Tupperware Q3 Revenue Down 20% To $302 Million

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Tupperware Brands Corporation (NYSE: TUP), a leading global consumer products company, today reported operating results for the third quarter ended September 24, 2022.
Third Quarter 2022 Financial Summary:

Net sales were $302.8 million, a decrease of 20% year over year (or 14% on a constant currency basis), compared to $376.9 million in the prior year period.
Gross profit was $196.6 million, or 64.9% of net sales, compared to $247.9 million, or 65.8% of net sales, in the prior year period
(Loss) income from continuing operations was $(3.8) million, compared to $60.4 million in the prior year period
Diluted (loss) earnings per share from continuing operations was $(0.09), compared to $1.14 in the prior year period
Adjusted diluted earnings per share (non-GAAP) from continuing operations was $0.14, compared to $1.19 in the period year
period
Adjusted EBITDA (non-GAAP, per debt covenant)1 from continuing operations was $29.9 million, compared to $77.7 million in the prior year period
Consolidated Net Leverage Ratio (non-GAAP) was 4.17, within the 4.5 debt covenant limit for the quarter

The Company continues to implement its Turnaround Plan; fixing the core, right sizing the business, divesting non-core assets and
opening new channels of distribution.
“While we are excited to expand the Tupperware ecosystem to have some of our products available at

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Tupperware Names Mariela Matute As New Chief Financial Officer

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Tupperware Brands Corporation (NYSE: TUP), a leading global consumer products company, announced today that effective May 24, 2022, Mariela Matute will become the new Chief Financial Officer (CFO) of the company.
Matute will join Tupperware with more than 20 years in various finance roles spanning the technology, consumer and manufacturing sectors.
She is currently serving as CFO of Calavo Growers (NASDAQ: CVGW), a publicly-traded global leader in avocado distribution and fresh foods processing, serving retail grocery, foodservice, club stores, mass merchandisers, food distributors and wholesalers worldwide.
While at Calavo, Matute has helped to drive the transformation and turnaround of the 100-year old company through her role in leading accounting, financial planning and analysis (FP&A), investor relations, treasury, information technology, internal audit and legal.
“We welcome Mariela to the team as a critical player in our Turnaround Plan to help us restore our iconic brand to growth,”
said Miguel Fernandez, President & Chief Executive Officer of Tupperware Brands.
“Our goal is to build a business that is as big as our brand, delivering value to all of our stakeholders and enabling more consumers than ever before to access our loved and trusted products.
Mariela’s deep financial acumen will be a significant benefit to us as we

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Tupperware Brands Q2 Net Sales Down 7% To $535.4 Million

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Orlando, Fla.-based Tupperware Brands recently reported its financial result for the second quarter of 2018. Net sales were $535.4 million, down 7 percent (4% local currency), including a 2-point impact from the 2017 closure of Beauticontrol and the combination of the NaturCare and Tupperware businesses in Japan.
Emerging markets, accounting for 71 percent of sales, were down 5 percent (even in local currency).
The operating units with the most significant local currency sales growth in the second quarter were China, Fuller Mexico, Tupperware Mexico and Tupperware South Africa.
The significant decreases were in Brazil, India and Indonesia. Established market sales decreased 10 percent (13% local currency), including a 6-point negative impact from the Beauticontrol closure and combination of units in Japan. The local currency sales decreases were most significant in France and Tupperware Australia and New Zealand.
Regional Sales
The company reported segment sales as follows:

Europe: sales were down 2 percent (4% local currency)
Asia Pacific: sales were down 2 percent (4% local currency)
North America: sales were down 4 percent (1% local currency), including a negative 7-point local currency impact from Beauticontrol wind-down
South America: sales were down 23 percent (7% local currency)

For the full year, sales are expected to be down about 4 percent in dollars in Europe; down 4 to 5 percent in Asia Pacific; down 2 to 3 percent in dollars in North America; and down by

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Tupperware Q1 Sales Down 2% To $542 Million

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Tupperware Brands Corporation today announced first quarter 2018 operating results.
Rick Goings, Chairman and CEO, commented,
“Due to our soft result on the top-line, as well as a higher tax rate, adjusted earnings per share in the first quarter was 10-cents below the low-end of our January guidance range and 16% below the prior year in local currency. The impact to our annual cash flow from lower earnings is expected to be modest and more than offset by the sale of assets under our revitalization program.”
Goings continued,
“We were pleased in the quarter with good performances in China, Mexico, Malaysia/Singapore, South Africa, and the United States and Canada, even though we were disappointed overall. With the disruption from the closure of the supply chain facility in France behind us, we remain confident in our global growth strategy, especially the opportunity in emerging markets.
The Tupperware brand, management team and our 3.1 million sales force are each strong and are our most significant source of competitive advantage. With those assets in our arsenal, we will forge ahead with our strategy to adapt and evolve through our integrated use of digital tools, branded contact points and a relevant earning opportunity that empowers and cultivates confidence in women across the globe.
It is based on the confidence we have

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How Tupperware Is Helping NASA Grow Vegetables In Space

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On April 2, 2018, the SpaceX Dragon spacecraft will make its 14th resupply to the International Space Station (ISS). Riding on a Falcon 9 rocket, Dragon will take supplies, equipment and scientific research to the crew members aboard the ISS. One of the areas of scientific research for this mission is furthering research on growing vegetables in space.
Since 2015, astronauts have grown crops in space using the Vegetable Production System (Veggie), a plant growth unit deployed on board that grows vegetables (lettuce, tomatoes, etc) to provide a continuous source of fresh food to the crew.
The Veggie also serves a scientific purpose, determining how plants sense, develop and respond to gravity, harvested, analyzed and eaten. NASA scientists also say that growing plants in space can also help them understand how to improve plant production on Earth as well.
With the Veggie system, a seed is inserted into a round soft surface known as a plant pillow inside a circular container. Astronauts then inject the plant pillow with a syringe filled with water. Prior Veggie experiments showed that some plants did better than others based on the regularity of the water and oxygen they received.
But on this mission, the Veggie experiment uses a new method to deliver nutrients to plants through the Passive Orbital

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Tupperware CEO Rick Goings Steps Down

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Tupperware Brands Corporation (NYSE: TUP), executing on its planned succession process, announced today that its Board of Directors elected Patricia (Tricia) A. Stitzel to the position of President & Chief Executive Officer and nominated her for election to the Company’s Board of Directors, effective May 9, 2018. E.V.
(Rick) Goings will serve as Executive Chairman and focus on the successful transition and leadership of the Company’s purpose-centered initiatives.
Stitzel has served as the Company’s President & Chief Operating Officer since October 2016. Prior to this role, she served as Group President, Americas, and in leadership positions of increasing responsibility in Europe and the United Statessince joining the Company in 1997.
Goings has led the Company since 1992 and has served as its Chairman and Chief Executive Officer since 1997.
Commenting on her new role, Stitzel said, “I am grateful to the Board of Directors for its trust and confidence, and I am excited to lead this great Company into the future, supporting our important global purpose and executing on our strategic growth initiatives.
With our high-quality and innovative products, dedicated sales force of over 3 million people and experienced global leadership team, we are poised to build upon our strong foundation in capitalizing on new

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Tupperware Q4 Sales Down 2% To $588 Million

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Rick Goings, Chairman and CEO, commented, “Our local currency sales came in 1-point under our October guidance range. Overall, our top-line did accelerate on a sequential basis after adjusting for calendar shifts, in connection with having an additional week in the fourth quarter of 2016, and the closure of Beauticontrol.
China’s significant growth trajectory continued, while Brazil and Tupperware Mexico grew nicely, demonstrating resilience in the face of tough externals coming out of the third quarter of 2017. Adjusted earnings per share was 6-cents above the high-end of our range in local currency after a 1-cent drag from foreign exchange rates versus October guidance.”
Goings continued, “Our re-engineering program to revitalize operations and improve the cost structure, primarily in Europe, continues to progress. Globally, we continue efforts to evolve our relationship-selling business model to include greater access to our powerful brands and innovative products through the use of digital tools, branded contact points and a relevant earning opportunity for our growing sales force of 3.2 million.”
Fourth Quarter Executive Summary – (Comparisons with Fourth Quarter 2016)

Net sales were $588.6 million, down 2% (4% local currency). On a Comparable Basis, adjusting for the impacts of the 53rd week in 2016 and the closure of Beauticontrol, local currency sales were estimated to be up

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Tupperware Q2 Revenue Up 1% To $572 Million Beauticontrol Will Wind Down

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Tupperware Brands Reports Second Quarter 2017 Results; Significant Restructuring Actions to be Taken, Including Wind-down of Beauticontrol.
Total sales force of 3.2 million was up 3% versus the prior year. Average active sellers in the second quarter were down 7% compared with 2016.
After being unsuccessful in finding a buyer for the business, the Company has decided to wind-down Beauticontrol’s operations over approximately the next 60 to 90 days.
It expects a small amount of sales in the third quarter as on-hand inventory is sold through, compared with third and fourth quarter 2016 sales of $9.8 million and $11.5 million, respectively. The reduction in 2017 sales versus 2016 related to the Beauticontrol business is estimated to have a negative 1-percentage point impact on the full year, total company sales comparison. Beauticontrol lost $2.6 million in the first half of 2017 and $4.1 million in the second half of 2016.
Rick Goings, Chairman and CEO, commented, “Local currency sales grew 2% in the second quarter, below what we were looking to accomplish, but within our guidance range.
Another stellar quarter in China and Brazil was partially offset by worse results in Indonesia. Profitability was a highlight in the quarter with adjusted earnings per share coming

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