Tupperware’s shares have proven to be less secure than its food storage containers after the US company warned it could go bust.
Shares have plunged some 48% since yesterday, changing hands at US$1.30, after the company famed for its tough and durable plastic food containers said there was “substantial doubt about its ability to continue as a going concern.”
The group issued a statement where it warned shares were in danger of being delisted from the New York Stock Exchange after it failed to file its annual report.
Tupperware blames the tough times it finds itself in on higher interest costs on its borrowings, coupled with attempts to turn the business around as it tries and seemingly fails to engage a younger audience.
Since last August, it has amended its loan agreements three times and warned it would have to do so again, according to the BBC.
Tupperware was founded by American chemist Earl Tupper in 1946 before selling in 1958 to Rexall Drug Company for more than US$9mln, roughly worth around US$100mln in today’s money.