New Tupperware SEC filing raises serious questions about company’s future
Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.
The future looks dim for Orlando-based Tupperware Brands Corp. (NYSE: TUP), according to the company’s March 29 Form 12b-25 Securities and Exchange Commission filing. The filing shows the company continues to have “substantial doubt” about its ability to continue as a going concern.
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Tupperware’s accounting department has eroded significantly, resulting in the evaporation of institutional knowledge and creating gaps in resources and skill sets, the filing explained. So, Tupperware won’t file its 2023 10-K on time, echoing the prior year’s 10-K delay.
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Further, Tupperware’s independent auditor of 28 years, New York-based PricewaterhouseCoopers LLP, declined re-appointment as the company’s registered public accounting firm for the audit of its fiscal year ending Dec. 30, 2023. As disclosed on a Form 8-K filed Jan. 29, Tupperware retained KPMG LLP as its new independent auditor for fiscal 2023 periodic reports.
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