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