Housewares
The publicly traded plastic food container maker indicates "strained resources" is now prohibiting the company from filing second quarter results with the U.S. Securities and Exchange Commission.
The departure of CFO Mariela Matute at the end of July comes at a time when Tupperware has fallen behind in the company's financial reporting requirements.
Layoffs will begin in September and will extend into 2025, impacting almost 150 workers at the site in Hemingway, S.C. Manufacturing will shift to a site in Mexico.
"The company has concluded that there is substantial doubt about its ability to continue as a going concern," Tupperware Brands noted in its financial statements.
New Tupperware CEO Laurie Ann Goldman is a former CEO of OVME Aesthetics, Avon North America and Spanx (which makes a very different type of product line aimed at containing things).
Canadian processor Gracious Living Corp. has entered the U.S. market by acquiring an injection molding plant in Morgantown, Ky., from Stratus Plastics International Inc.
Officials said at the time that the proposed cuts "are a continuation of the simplification agenda that we have driven over the last four years and in response to the difficult macro-economic environment."
The financially struggling Tupperware Brands Corp. has brought in help to find ways to survive.
Bed, Bath & Beyond's bankruptcy filing comes on top of Tupperware Brands saying it is struggling financially and may disrupt the production and retail supply chain for other firms in the housewares industry.
Hasbro walks back its pledge on getting rid of all plastics packaging for toys, making an exception for some collectible figurines; Tupperware is on the brink; Ford's massive BlueOval City electric vehicle plant is under construction.
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