Investigation of Tupperware Brands Corporation
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Tupperware Brands Corporation (TUP) Fails to File Annual Report On Time
On February 24, 2020, Tupperware announced that it would be unable to file its annual report for fiscal year ended December 28, 2019. The Company stated that the results were affected by “financial reporting issues” with its Fuller Mexico segment. Total impairments for Fuller Mexico are expected to be approximately $31 million. Tupperware is now currently conducting an investigation into accounting for its accounts payable and accrued liabilities at Fuller Mexico and the matter is $9-$11 million of the total expected $19-$21 million full year impact. Tupperware also stated “the Company is forecasting a need for relief concerning …its $650 million credit agreement… to avoid a potential acceleration of debt, which could have a material adverse impact on the Company.” On this news, Tupperware’s stock price fell 45.6% to close at $3.11.