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After 77 years, Tupperware is in danger of going out of business. In a recent SEC filing, the container maker warned there's "substantial doubt about the company's ability to continue."
The company said it does not have enough cash on hand and is looking at ways to save money, including scaling back on its real-estate portfolio and laying off employees.
To make matters worse, the New York Stock Exchange said that Tupperware's stock could get de-listed because the company did not file a required annual report.
Tupperware's stock was down over 46% on the news in mid-day trading on Monday (April 10). Over the past year, the company's shares are down 90% as it tries to reinvent its business and connect with younger consumers.
"Tupperware has embarked on a journey to turn around our operations, and today marks a critical step in addressing our capital and liquidity position," CEO Miguel Fernandez said in a press release. "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."