In a report from Eat This, Not That, Tupperware is actually at risk of fading into obscurity, as the company recently warned that it may go out of business. Tupperware wrote in a regulatory filing submitted earlier this month that there is "substantial doubt about the company's ability to continue as a going concern."
The company listed several reasons for its business woes. While interest in Tupperware temporarily surged at the start of the COVID-19 pandemic as more Americans took interest in cooking at home, according to NBC, the company's sales have since seen a major downturn.
The company preliminarily reported that net sales were down 18% for the full year in 2022, while net sales for the fourth quarter of 2022 alone were down an even higher 20%. Now, Tupperware says that it may not have sufficient cash for the near future due to increased borrowing costs and the "volatility" in its earnings.
To top it all off, Tupperware could also be delisted from the New York Stock Exchange because it has not yet filed its annual results report, the 10-K form, with the Securities and Exchange Commission. While Tupperware said that it plans to file the form within the next 30 days, it noted that "there can be no assurance that the Form 10-K will be filed at such time."
This is quite sad and certainly marks the end of an era for many who grew up with this brand littering their fridge.
