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Investors dumped Tupperware Brands Corp stock this week after it said that it has “substantial doubt" about being able to stay afloat without a cash infusion or relief from creditors for its $705 million debt.
The company is struggling to repay debts due to higher interest rates.
Tupperware's financial woes follow a proliferation of free restaurant to-go boxes after a pandemic-era surge in delivery and carryout orders, and an onslaught of competition from cheaper food storage containers like Clorox's GladWare.
On Amazon.com, GladWare sells three-packs of 8-cup plastic containers with lids for $8.99 or more, compared with a single Tupperware Heritage Collection bowl and lid of the same size priced at $10.99.
National rivals like Newell Brands Inc, which makes Rubbermaid, FoodSaver, and Ball glass jars, and several other brands have chipped away at Tupperware's market share over the years, according to retail consultant Carol Spiekerman.
Other competitors include Pyrex maker of Instant Brands and Reynolds Consumer Products Inc, maker of Presto.
Neil Saunders, managing director at GlobalData, noted that the main problem for Tupperware is the multitude of competing brands that shoppers can select from.
