Tupperware Brands has warned that the 77-year-old company may not survive another year and is forecasting insufficient cash flow to finance operations, the seller of plastic airtight food storage containers said in a filing with the SEC on Friday.
Tupperware first raised considerable skepticism about its potential.
Since then, it has hired consumer goods industry veteran Laurie Ann Goldman as its new CEO, hired investment bank Moelis & Co LLC to explore strategic alternatives and struck deals with lenders to restructure its debt obligations.
The company, which previously delayed its 10K filing for FY 2022, filed an NT10-K on Friday to announce that it is delaying its 10-K filing for FY 2023.
The company said it plans to complete its due process and file its 10K for 2023 “as soon as possible,” but that “there can be no assurance as to when the filing will be completed.”
Material weaknesses in Tupperware's internal control over financial reporting, its challenging financial position and significant depreciation resulted in resource and skill set gaps resulting in numerous delays in its annual report filing.
Sales have fallen in recent quarters as consumers spend more on the company's products to store leftovers and cook more at home during the Covid-19 pandemic.
Earlier this year, Tupperware had to retain KPMG LLP as its new independent auditor.
Shares closed Thursday at $1.34 and are down 33% this year.
