Tupperware Brands warned that the 77-year-old company may not survive for another 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.
Tupperware first raised substantial doubt about its ability to continue as going concern nearly a year back.
Since then, it appointed consumer goods industry veteran Laurie Ann Goldman its new CEO, hired investment bank Moelis & Co LLC to explore strategic alternatives and struck an agreement with lenders to restructure its debt obligations.
The company, which had earlier delayed its 10K filing for 2022, also filed a NT10-K on Friday to notify that it will delay the 10-K filing for FY 2023.
It plans to complete its due processes and file its 10K for 2023 “as promptly as possible,” the company said, but added that “there can be no assurance with respect to the timing of completion of the filing.”
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 company’s products to store their leftovers.
Earlier this year, Tupperware was also required to retain KPMG LLP as its new independent auditor after the former declined re-appointment.
Shares closed Thursday at $1.34 and are down 33% this year.
