Global consumer products company Tupperware has engaged financial advisors to help address its capital and liquidity position.
The advisors are multinational law firm Kirkland & Ellis, professional services company Alvarez & Marsal and investment banking and financial advisory services providing firm Moelis & Co, reported Wall Street Journal (WSJ) citing sources.
The publication quoted a company representative as saying: “Like other companies that have been impacted by the pandemic, inflation and high interest rates, we are working with our financial advisers to improve our capital structure.”
Following the report, Tupperware’s shares went up by 42% to $1.87, while the company’s shares were at a ‘three-year low’ at $1.21 at the beginning of the week, reported Reuters.
Tupperware’s sales have seen a continuous fall in the last three years. The WSJ report said shares fell 18% to around $1.3bn last year from 2021.
The storage brand said it is ‘remediating’ some prevailing doubts in terms of its ability to continue the business.
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Tupperware is also exploring its real estate portfolio to assess the available property that can be dispositioned or put for sale-leaseback transactions.
For additional liquidity, the company said it is further considering right-size efforts, monetising its fixed assets and managing the cash.
Tupperware is a US-based that was established in 1946. The brand designs functional and environmentally responsible, solution-oriented kitchen and home products. The company’s products are distributed across 70 countries.