Tupperware flags doubts to continue amid inadequate liquidity

Tupperware flags doubts to continue amid inadequate liquidity

Tupperware products are offered for sale at a retail store on April 10, 2023 in Chicago, Illinois.

Scott Olson | Getty Images

Tupperware Brands flagged doubts about the ability to continue as a going concern for at least a year and forecast inadequate liquidity to fund operations, the seller of plastic airtight food storage containers said in a filing with the SEC on Friday.

The company, which had earlier delayed its 10K filing for 2022, also filed an NT10-K on Friday to notify that it will delay the 10-K filing for FY 2023.

Tupperware blamed ongoing material weaknesses in internal control over financial reporting, its challenging financial condition and significant attrition resulting in resource and skill set gaps for multiple delays in its annual report filings.

Sales have declined in recent quarters following a recovery during the Covid-19 pandemic when consumers largely cooked at home and spent more on the 77-year-old company’s products to store their leftovers.

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