Tupperware Brands Corp. stock
TUP,
tumbled 38% in premarket trade Monday, after the maker of food storage products issued a going-concern warning late Friday, saying it has hired financial advisers to help navigate its near-term challenges. The company had said in March when reporting fourth-quarter numbers that it had identified weakness in internal control over financial reporting and that it expected to restate prior financials. On Friday, it said it had embarked on a journey to turn around its operations and to address its capital and liquidity positions. “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,” said Chief Executive Miguel Fernandez in a statement. The company said it is looking for additional financing and is discussing its options with potential investors or financing partners. Tupperware is also reviewing its real-estate portfolio with an eye for potential sales or lease-back transactions, it said. Tupperware is late filing its annual report and said the fourth-quarter numbers would differ significantly from those reported in March. The stock has lost 87% of its value in the last 12 months, while the S&P 500
SPX,
has fallen 9%.
