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The fate of Tupperware is cloudy.
Last week, the storage container company, which was founded in 1946,released a statementsaying that the future of their business is uncertain.
“The Company has engaged financial advisors to assist in securing supplemental financing, and is engaging in discussions with potential investors or financing partners,” the press release read.
The CEO, Miguel Fernandez, also put out a statement, saying the organization is working to “turn around our operations.”
“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,” he added.
The official Tupperware statement also said that the company may not have “adequate liquidity in the near term.”
Without cash, the brand said there is “substantial doubt about its ability to continue.”
Tupperware’s uncertain future has been met with mixed reviews from social media users.
Radio hostBernice Hilliertweeted, “Now, at a time when most of us are opting to try to reduce our use of plastic, I can see why this brand would be struggling.”
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Another social media user, journalistDevi Sankaree Govender, wrote her disappointment in the news on Twitter. “Would be really sad if this becomes a reality,” she said.
Tupperware is a 77-year-old company that has lasted the test of time. A fixture in American home history, the name has become synonymous with storage food containers.
In efforts to modernize the brand, the plastic company partnered with Target last year and innovated new colors and designs in recent years.
source: people.com
