Tupperware Brands (NYSE:TUP) shares fell nearly 40% in early trading Monday after the maker of food storage products said it won’t have enough cash to fund its operations if it doesn’t secure more money, adding that it has hired financial advisers to help deal with its near-term challenges.
The company last month warned that it had identified weakness in internal control over financial reporting and that it expected to restate prior financials.
"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," Tupperware Brands (NYSE:TUP) CEO Miguel Fernandez said in a statement.
Tupperware noted its options include looking for additional financing with potential investors or financing partners as well as reviewing its real-estate portfolio for potential sales or lease-back transactions.
The company stated that its board of directors is actively engaged with management to improve Tupperware's capital structure and near-term liquidity.
Tupperware stock price has plummeted more than 90% during the past year.
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