Recent downfall in its shares may end up with them going out of business.
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‘Tupperware’ – a globally well-known company that has been around for almost 8 decades stated that there’s a high chance of them going out of business soon.
Recently their shares fell by 49% as the manufacturer of plastic containers and other household goods issued a dire cash deficit warning as reported by FMT.
The renowned US company reported hiring financial advisors to assist it improve the structure of its capital and address its doubts regarding its capacity to operate as a going concern, which caused its share price to drop to US$1.24 (RM5.47), a three-year low.
According to its Chief Executive Officer Miguel Fernandez, the company is making every effort to reduce the effects of recent occurrences.
According to a paper titled ‘A Study on Tupperware Brand Success in The Malaysian Market’ published by researchers Abdullah, Devi & Chandran in 2017, no matter what brand or quality, the plastic container is frequently referred to as “Tupperware” in practically every family in Malaysia, especially by mothers.
Malaysians have childhood recollections of Tupperware products since they have grown up with them since the company’s arrival here 53 years ago as reported by New Straits Times.
Many can agree to this and would have memories of their mothers showing utmost importance to the Tupperware than their child during schooling days.
It is safe to say that at one point of time, hell will break loose if you lose or damage containers from Tupperware.
Datuk Mohd Nor Khalid (more affectionately known as Lat) during a collaboration with Tupperware Brands, recalls the time when his mother frequently had Tupperware parties in the 1960s with her friends at their home in Sungai Rokam, Ipoh.
The famous cartoonist also added that at the end of the parties, he and his siblings would patiently wait to see what was inside the little boxes.
Lat also stated that the Tupperware parties meant a lot to the mothers and housewives as it gave them an opportunity to try new things while supplementing their household income as reported by the New Straits Times.
However, the Tupperware brand founded by Earl Tupper in 1946 might be saying its final goodbyes if they could not come out of the liquidity crisis that they are facing now.
Whatever the situation may be, it has already cemented its place in the hearts of Malaysian mothers and housewives everywhere.