Tupperware warns firm is on the brink of collapse

Tupperware has warned it is on the brink of going out of business, following news that its share price had dropped by nearly 50% on Monday.

The US firm, which is known for its production of food storage containers, said that there was "substantial doubt about its ability to continue as a going concern".

In a statement, the 77-year-old company said it was working to secure new investment streams, with the assistance of financial advisers.

As a result of struggling with higher interest costs on its borrowings, the firm revealed it had to renegotiate its loans, having already made amendments three times since August 2022.

Shares in the company are now at risk of being delisted from the New York Stock Exchange as Tupperware has yet to file its annual report.

On Monday, shares in Tupperware Brands Corp fell by $1.18 (95p) to $1.24 (£1).

So-called "Tupperware parties" gained the brand world-wide recognition in the 1950s and 1960s, when people gathered in their homes to buy and sell the food storage containers.

Today, the company has looked to expand its range of cooking products on offer and re-position itself for younger audiences.

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Founded in 1946 by Earl Tupper, Tupperware containers were initially sold across US department stores with limited success.

But improved marketing strategies and the appointment of saleswoman called Brownie Wise as a vice president of marketing helped to grow the business.

Ms Wise secured particular success for the company through home demonstrations, which helped to bring in new customers. She also recruited other people to sell Tupperware products to market.