Tupperware Stock Dives , After Revealing Struggles to Stay Afloat.
CNN reports that in a regulatory filing on April 7,
Tupperware acknowledged "substantial doubt about the company’s ability to continue as a going concern.".
The container maker is currently trying to secure financing to stay in business.
CNN reports that Tupperware shares dropped nearly 50% in midday trading on April 10 as a result.
The company is also reportedly
exploring potential layoffs.
According to the New York Stock Exchange,
Tupperware's stock is also in danger of being de-listed because it didn't file a mandatory annual report.
CEO Miguel Fernandez spoke about the state of the company in a press release.
Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position, Miguel Fernandez, Tupperware CEO, via press release.
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, Miguel Fernandez, Tupperware CEO, via press release.
CNN reports that the company's shares have dropped 90% over the past year