From Breakingviews - Tupperware Brands boxes itself into a corner
,” but the company faces cash constraints. An earnings misstatement, which has left it late in filing its annual report, could cause creditors to declare Tupperware has violated its debt covenants.
Even if Tupperware can appease its creditors or find new investors, the rise of e-commerce has dented the fortunes of companies that lean on direct selling. Cosmetics firm Avon agreed to sell itself to Brazilian giant Natura in 2019 for instance. Tupperware relies on some 3 million independent sales members to distribute its products into nearly 70 countries. Compared with the company’s heyday, customers have more options for food storage, more places to buy from, and less time for Tupperware parties. That leaves the iconic brand increasingly boxed in.
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