Jakarta –
Shares Tupperware plunged by 50% on Monday. This decline occurred due to the company’s dismal performance projections in the future.
Quoted from CNN, it is stated that the manufacturer of the mother’s favorite food containers is indeed trying to survive and is partnering with financial advisors to seek capital injections so they can survive.
At the moment Tupperware said they did not have enough funds to finance their operations if there was no additional capital. The company is even reviewing termination of employment (PHK) and is reviewing its property assets as a way of efficiency.
The New York Stock Exchange also warned that Tupperware shares could be written off because they did not file a mandatory annual report.
Tupperware CEO Miguel Fernandez said his company had started its journey a long time ago. He is trying to deal with the company’s liquidity problems.
“Now the company is looking for ways to reduce the current pressure. We will seek financing to improve our financial position,” he said as quoted by CNN, Tuesday (11/4/2023).
The 77 year old company is struggling against pressure from many competitors. This made Tupperware, which used to be a quiet company targeting young people, go into a frenzy.
Tupperware now also experiencing a sharp decline in sales. Ranging from household products to companies unable to target young consumers.
Retail Analyst and Managing Director of GlobalData Retail, Neil Saunders said that now Tupperware is on the edge. They are trying to increase sales. However, because the assets they have are few, Tupperware now does not have a large capacity to raise money.
“This company used to be an innovation center for kitchen appliances, but now the lead has been lost,” he explains.
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