Household brand (and your mother’s beloved skaftin) Tupperware is facing closure because of rising debts and a dip in sales.
According to the BBC, the 77-year-old US company is struggling to appeal to a younger market and its share price dropped sharply.
In a statement, Tupperware said the company’s board of directors was engaged with management to improve the company’s capital structure and near-term liquidity.
It said the company engaged financial advisers to assist in securing supplemental financing and is engaging in discussions with potential investors or financing partners.
“Tupperware has embarked on a journey to turn around our operations and today [Thursday] marks a critical step in addressing our capital and liquidity position,” said CEO Miguel Fernandez.
“The company is doing everything in its power to mitigate the affects of recent events, and we are taking immediate action to seek additional financing and address our financial position.”
Original Story by www.timeslive.co.za