Tupperware stock slumps 11% after issuing going-concern warning late Friday
Tupperware Brands Corp. stock TUP, tumbled 11% 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.
"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.
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