Shares of Tupperware Brands Corp.
TUP,
fell more than 10% in afterhours Friday after the maker of iconic containers and other plasticware and kitchen implements said in a filing that it entered a waiver agreement with some of its creditors but warned it may not have money for an interest payment this month. The filing repeated going-concern warnings, with Tupperware saying that despite the waiver, it forecasts being out of compliance with certain aspects of its credit agreement and having “insufficient liquidity” to make the payment. Shares of Tupperware, once a staple in middle-class homes across the U.S. and a toehold in the job market for countless women with its direct-to-consumer model, have dipped under $1 and the company’s market capitalization hovers around $33 million.
Read the full article here
