Breaking News

In a regulatory filing on Tuesday, Tupperware Brands said it currently expects to file with the SEC its Form 10-K by mid-July 2023, and its Form 10-Q by early September 2023; however, there can be no assurance that either the Form 10-K or Form 10-Q will be filed by such dates. "The Company previously disclosed on Current Reports on Form 8-K dated March 16, 2023, April 7, 2023 and May 8, 2023 that it has identified multiple prior period misstatements and material weaknesses in internal control over financial reporting for the periods covered by the Form 10-K, and it is continuing its work to finalize its financial close process, including the restatement of its previously issued financial statements, and the identification, quantification, and remediation of material weaknesses, as applicable. In its Current Report on Form 8-K dated April 7, 2023, the Company also reported its conclusion that there is substantial doubt about its ability to continue as a going concern. The Company is currently forecasting non-compliance with certain of its financial covenants in the first quarter of 2023, which will further limit its ability to borrow under the revolving credit facility. The Company believes that if it is unable to obtain adequate capital resources or further amend its existing credit facilities to provide additional flexibility and/or access to funding under the revolver or otherwise, management anticipates that it will have inadequate liquidity to fund its operations and satisfy its obligations as currently anticipated in the near term, including its principal and interest payment in July 2023, pursuant to its current business plan, which would have a material adverse effect on the Company's business, financial condition, results of operations, and it may be forced to divest assets, restructure or discontinue its operations entirely."