Food-storage company Tupperware’s stock tumbled on Monday after warning it could be on the brink of going out of business after nearly 80 years.
The 45% slide came after the company announced it had hired financial advisers to help keep the company solvent amid “substantial doubt about the company’s ability to continue as a going concern,” according to a regulatory filing filed last Friday.
Tupperware is also on the verge of being de-listed by the New York Stock Exchange after not filing an annual report.
The company said it was running out of money to keep operating and was exploring mass layoffs and selling off its real estate assets among other cost-cutting measures.
“Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position,” CEO Miguel Fernandez said in a press release. “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.”
The struggles are not a new development for Tupperware, though. The company’s stock has dropped by 98% in the last year while losing sales to alternatives like Pyrex and Rubbermaid.
The 77-year-old Massachusetts company, which even has a place in the Smithsonian’s permanent collection, has recently taken steps to move away from its direct-to-consumer and in-home “Tupperware parties” models, including selling products at retailers like Target. It has also started using sustainable materials like glass and steel in new products in an effort to reduce plastic waste. The company has also begun selling non-storage products, like a grill that is heated in a microwave.