Tupperware
April 7, 2023
ORLANDO, Fla., April 7, 2023 --
Tupperware Brands Corporation said there is substantial doubt about its ability to continue as a going concern and that it had engaged financial advisors to help improve its capital structure and liquidity. The company said a Credit Facility covenant violation was probable because of the delayed 2022 Form 10-K filing and cash constraints from higher interest costs and the timing of re-engineering actions.
On April 3, 2023, Tupperware received a New York Stock Exchange notice of non-compliance under Section 802.01E for failing to timely file its Form 10-K, giving it six months from the due date to regain compliance, with a possible further six-month extension at the NYSE's discretion. Chief executive Miguel Fernandez said the company was taking immediate action to seek additional financing and address its financial position, including reviewing real estate for potential dispositions or sale-leasebacks.
The company said Form 10-K results would differ significantly from March 1 preliminary figures because going-concern status requires write-downs of certain deferred tax assets, goodwill and other intangible assets, and that it still expected to file the Form 10-K within about 30 days.