Legendary food storage brand Tupperware has hired advisers to help turn around the company after notifying securities regulators it may have to close up shop.
In a release dated April 7, the Orlando, Florida-based company announced it was seeking to improve its capital structure in order to "remediate its doubts regarding its ability to continue as a going concern."
That same day, Tupperware issued a going-concern notice after warning it could be heading for a default if its lenders demand payment for maintaining access to the company's main line of credit.
"If such demand for repayment were to occur, the Company does not have the financial resources to repay such obligations," the document reads. "The Company is also dependent upon its [line of credit] to fund its operations and satisfy obligations."
https://www.nbcnews.com/business/business-news/tupperware-could-go-out-of-business-company-warns-rcna79115
