Tupperware flags doubts to continue amid inadequate liquidity

Tupperware Brands

29/03/2024 18:44

March 29 - Tupperware Brands  TUP.N  flagged doubts
about the ability to continue as a going concern for at least a
year and forecast inadequate liquidity to fund operations, the
seller of plastic airtight food storage containers said in a
filing with the SEC on Friday. 
    The company, which had earlier delayed its 10K filing for
2022, also filed a NT10-K on Friday to notify that it will delay
the 10-K filing for FY 2023. 
    Tupperware blamed ongoing material weaknesses in internal
control over financial reporting, its challenging financial
condition and significant attrition resulting in resource and
skill set gaps for multiple delays in its annual report filings.
    Sales have declined in recent quarters following a recovery
during the COVID-19 pandemic when consumers largely cooked at
home and spent more on the 77-year old company's products to
store their leftovers.
    

 (Reporting by Mehnaz Yasmin and Granth Vanaik in Bengaluru;
Editing by Sriraj Kalluvila and Marguerita Choy)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth;))