Companies|Plastic product company Tupperware’s share price collapsed completely on Monday evening.
Traditional the American plastic product company Tupperware may file for bankruptcy as early as this week. This is what the news agency reported Bloomberg citing his anonymous sources. The company’s representatives did not agree to comment on the matter at all.
The news also mentioned that the plans are not yet final.
The news, which was published late on Monday evening Finnish time, completely collapsed the already depressed stock price. The company’s stock fell as much as 57.5 percent on Wall Street on Monday. The share cost only $0.5 after the stock market closed.
Tupperware’s stock has plunged by almost 75 percent this year.
Tupperware has been struggling with serious financial problems for years.
The company reached its golden age at the end of 2013. On Boxing Day 2013, the company’s stock was at an all-time high. At that time, it had a price of more than 97 dollars.
Since then, the hustle and bustle has been hard. The tipping company got a momentary boost from the coronavirus pandemic, when the housing boom took over the world. In January 2021, the stock briefly touched close to $40.
After that, the problems have deepened again and bankruptcy would be a kind of end point for the plunge. Among other things, Tupperware has more than 700 million dollars in debt. Its lenders gave the company time earlier this year to service its debts, but the company has shown no signs of being able to repay its creditors.
In June of this year, the company planned to close its only factory in the United States. Closing the factory would also threaten the jobs of around 150 people.
Last year, the company tried to turn its direction by changing its CEO and several board members. At that time, the CEO Miguel Fernandez was allowed to give way by Laurie Ann Goldman from the road.
With Tupperware has quite a long history, as the first dishes bearing the company’s name were already developed in the 1940s. The company’s success began in the 1950s and 60s, when its plastic storage products began to be sold by door-to-door sales, first in the United States and later also in other parts of the world.
He brought Tupperware products to Finland in the 1960s Elisabeth Rehn. Tupperware products have been sold by independent consultants who receive part of the revenue from the products they sell. As a rule, consultants acquire their own clients.
Since then, Tupperware products have landed in the selections of large stores in Finland. The K group has sold Tupperware products in its stores as early as 2004 as part of its loyalty campaign.
The S group, on the other hand, started selling Tupperware products in Prisms and selected S-markets in June.
Correction 17.9. at 12:15 p.m. In the introduction to the article, the plastic product company Bloomberg was mistakenly written when Tupperware was meant.
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