Troubled Tupperware Brands Corp., the famous plastics housewares maker, cannot muster enough expertise to file financial reports required of publicly traded companies.
The Orlando, Fla-based company again will miss a deadline to file a report for this year's second quarter, also known as Form 10-Q, the company warned in a new filing with the U.S. Securities and Exchange Commission.
News of the latest problem continues a streak of missed financial reporting deadlines by Tupperware, which continues to warn the company might not survive.
Tupperware previously said it would not be able to file its annual financial report, also known as a 10-K, for 2023, on time as well as the 10-Q for the first quarter of this year.
"The company's accounting department has experienced, and continues to experience, significant attrition, including the recent departure of its chief financial officer, resulting in resource and skill set gaps, strained resources, and a loss of continuity of knowledge," Tupperware states in the SEC filing.
The company has been focusing efforts on trying to bring in potential investors and financial partners to help fund the company. This includes a recent $4 million loan the company was able to secure to help fund operations.
News of Tupperware's ongoing difficulties with its financial reporting requirements comes just weeks after Mariela Matute resigned as chief financial officer. Matute, according to a separate SEC filing, was scheduled to work through July. Tupperware did indicate the former CFO made the decision to leave the company and there were no disagreements between her and the company.
Tupperware, in the latest filing Aug. 14, continues to warn the firm might not be able to survive the current crisis. "The company continues to experience significant liquidity challenges and continues to have substantial doubt about its ability to continue as a going concern," the filing states.
Tupperware recently decided to close the company's lone remaining U.S. manufacturing facility in Hemingway, S.C. The company had previously sold the location in October 2023 with an agreement to lease back the site for 14 months. The sale, with net proceeds of $14 million, provided much-needed capital for the firm.
In June, the company indicated the 1.1 million-square-foot facility would close with layoffs starting in September and ending in January. A total of 148 will lose their jobs. Manufacturing is being transitioned to Tupperware's Lerma, Mexico, plant.