Tupperware: Iconic kitchen brand on brink of collapse

Tupperware shares fell nearly 50 per cent on Monday. (Source: Getty)

Tupperware, the iconic kitchen brand that became famous in the 1950s for its colourful plastic food storage containers and suburban ‘Tupperware parties’, is now on the brink of collapse.

Shares in the 77-year-old company plunged nearly 50 per cent on Monday, following a bleak warning over the future of the company.

In a regulatory filing late Friday, the container maker said there was “substantial doubt about the company’s ability to continue” and it had engaged financial advisers to help keep it afloat.

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Tupperware said it won’t have enough money to fund its operations unless it secures additional funding. The company is considering potential layoffs and reviewing its property portfolio to potentially save money.

"Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position," Tupperware Brands president and chief executive officer Miguel Fernandez said in a statement.

"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."

Tupperware was established in 1946 and gained popularity in the 1950s, thanks in large part to ‘Tupperware parties’ where housewives threw parties to sell the containers from home.

In recent years, the once famous brand has been struggling to maintain its relevance. According to CNN, the brand has been trying to grab the attention of younger consumers and shed its “Mad Men” era image.

Tupperware shares have dropped by 90 per cent since last year. Meanwhile, the New York Stock Exchange has warned Tupperware’s stock could be delisted for not filing an annual report.

Vintage Tupperware is already worth a pretty penny, with some classic examples selling for US$100 or more. According to Love to Know, full sets in difficult-to-find colours can sell for hundreds of dollars, while complete sets can sell for between US$50 to $75.

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