Tupperware Brands Corporation (TUP) said it has determined that a violation of its Credit Facility covenants is probable to occur as a result of the delay in filing Annual Report on Form 10-K for the year ended December 31, 2022 as well as cash constraints caused by higher interest costs and timing of re-engineering actions. The company currently forecasts that, if it is unable to obtain adequate capital resources or amendments to its Credit Agreement, it may not have adequate liquidity in the near term. As a result, the company has concluded there is substantial doubt about its ability to continue as a going concern. The going concern status requires the company to write-down certain non-cash deferred tax assets and goodwill and other intangible assets.
On April 3, 2023, the company received a notice from the NYSE indicating the company is not in compliance as a result of its failure to timely file the Form 10-K. The company currently expects to file its Form 10-K with the SEC within the next 30 days.
Tupperware Brands has engaged financial advisors to help improve its capital structure and remediate its doubts regarding the company's ability to continue as a going concern. The company is engaging in discussions with potential investors or financing partners. Also, the company is reviewing its real estate portfolio for property available for potential dispositions or sale-leaseback transactions, and is exploring right-sizing efforts, monetization of fixed assets, cash management, and marketing and channel optimization, to preserve or deliver additional liquidity.
In pre-market trading on the NYSE, Tupperware Brands shares are down 9 percent.
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