The financially struggling Tupperware Brands Corp. has brought in help to find ways to survive.
The Orlando, Fla.-based housewares icon said in April that it was at risk of entering bankruptcy protection. On May 4, it filed paperwork with the Securities and Exchange Commission stating it has hired investment bank Moelis & Co. LLC to "run a process to explore strategic alternatives, and advise on potential means to improve [its] liquidity and capital structure and other strategic transactions."
It also brought on Brian J. Fox, managing director of Alvarez & Marsal North America LLC, as its new chief restructuring officer. Fox leads A&M's North American commercial restructuring practice in New York and has 30 years of experience in restructuring and "other special situations."
Tupperware has been struggling for years trying to retain its status as a leading kitchen product and storage container company in the face of less expensive options that flooded the marketplace. As PN's Jim Johnson wrote last month, analysts said the company's "long-term trend is decline."
Stock value for Tupperware that traded for about $20 per share a year ago and $4 at the start of 2023 is now selling at less than $1.