Tupperware SEC filing raises serious questions about company's future
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.
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.
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.
