Tupperware has been given new life.
late Thursday that it had reached a deal with its creditors to reduce its interest payment obligations by $150 million. It also secured $21 million in new financing, an extension on the deadline for paying back about $348 million in debt and a reduction in the amount of debt it owes by around $55 million.
Investors cheered the news, sending the stock surging. Tupperware is still an extremely troubled brand, and the stock is still trading below $6 a share. But that's a huge improvement from the 61 cents it was selling for just two weeks ago.Some of that has been fueled by some meme energy, with online investors pumping up a stock they believed had low risk and high potential for reward.
But Tupperware's prospects aren't great. It had been running out of cash, challenged by a large number of competitors. Younger consumers lack awareness of the 77-year-old brand that was once a household name. Tupperware has been considering layoffs and property sales to stay afloat. Once sold exclusively by multi-level marketers, similar to Avon and Amway, Tupperware parties were a staple of a bygone era. The company only last year startedIn early June, the New York Stock Exchange even notified Tupperware that it was in noncompliance with the exchange's rules because its market capitalization was too low, less than $50 million, over a period of 30 trading days.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
47-year-old man arrested on child porn charges after state raid at Gardendale homeChristopher O’Neal Chilton, 47, was taken into custody Tuesday. According to the Alabama Law Enforcement Agency, Chilton is charged with dissemination of child pornography.
Weiterlesen »
‘Lion King’ actor Clifton Oliver dead: ‘In the Heights’ star was 47“My heart is sad, and overjoyed at the same time! I will miss him, but he is finally at peace!” his sister, Roxy Hall, wrote online.
Weiterlesen »
Leading Putin critic Alexei Navalny has 19 years added to his jail termJUST IN: Jailed Russian opposition politician Alexei Navalny receives an extra 19 years added to his jail term.
Weiterlesen »
Tupperware’s second-quarter report will be filed late, the company saysTupperware Brands Corp.’s second-quarter report will be filed late, the beleaguered maker of iconic food containers said Thursday. In an SEC filing,...
Weiterlesen »
Tupperware stock climbs 40% after debt restructuring agreementTupperware has finalized an agreement with its lenders to restructure its debt obligations, the company said Thursday
Weiterlesen »
Tupperware shares soar on agreement with lenders to restructure debtTupperware Brands said on Thursday it has finalized an agreement with its lenders to restructure its debt obligations in an effort to turnaround its business, sending its shares soaring 57% after the bell.
Weiterlesen »