Tupperware has embarked on a massive turnaround strategy to help boost sales following record lows in recent months.
IF YOU’VE grown up in a South African home, you know the staple item in any mother’s cupboard is her beloved Tupperware. You’ll also know that if you happen to keep Tupperware for a moment longer than you should, you’re going to be called out.
Tupperware recently announced that it is facing closure following a slip in sales.
The BBC reported that the 77-year-old company is struggling to appeal to a younger market.
The firm announced on Monday that its shares had dipped by nearly 50%.
Invented by Earl Tupper in the early 1940s, Tupperware was introduced in southern Africa in 1964 and is available nationwide with more than 270,000 consultants forming part of the company.
In a statement on its website, Tupperware said its board was actively engaged with management to improve the company’s capital structure and near-term liquidity.
“The company has engaged financial advisers to assist in securing supplemental financing, and is engaging in discussions with potential investors, or financing partners.
“In addition, the company is reviewing its real estate portfolio for property available for potential dispositions or sale-leaseback transactions, and is exploring right-sizing efforts, monetisation of fixed assets, cash management, and marketing and channel optimisation, to preserve or deliver additional liquidity,” it said.
Tupperware president and CEO, Miguel Fernandez said they had begun a process to turn operations around.
“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,” he said.