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On Monday, the price of Tupperware stock plummeted due to speculations that the company would be closing down.
When a regulatory filing revealed there is "serious question about the company's capacity to continue as a going concern," the company's shares dropped a staggering 50% on Monday. The announcement comes as the 77-year-old business keeps up its efforts to shed its dated image and draw in younger clients.
"Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position," says CEO Miguel Fernandez. "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."