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FP/WaPo say SEC set to delist Tupperware; party's over

2023-04-13 09:19 ET - In the News

The Financial Post reports in its Thursday edition that it turns out being a household name is no guarantee of success -- or even survival. A Washington Post item inside the Post quotes Tupperware saying in a statement Friday, "The Company has concluded there is substantial doubt about its ability to continue as a going concern." Tupperware failed to file an end-of-year statement to the U.S. Securities and Exchange Commission, and although it has an extra six months to submit it to avoid having its stock delisted, the Orlando, Fla., company said there was "no assurance" it would meet the extended deadline. Shares of the company tumbled nearly 49 per cent on Monday, the largest drop on record, but have recouped some lost ground. Analysts say the very thing that helped make Tupperware such a recognizable brand also might have been part of its downfall: the Tupperware party. With the success of suburban women selling to neighbours resealable bowls and canisters, founder and inventor Earl Silas Tupper pulled Tupperware off store shelves. In recent years, Tupperware suffered under that model. Last year, it finally began offering its products directly to consumers on Target shelves in a bid to gain visibility.

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