In a filing with the U.S. Securities and Exchange Commission (SEC) on Friday, Tupperware Brands, the 77-year-old seller of plastic airtight food storage containers, issued a warning about its ability to survive for another year. The company cited inadequate liquidity to fund its operations, raising concerns about its future.

This is not the first time Tupperware has expressed doubt about its ability to continue as a going concern. Nearly a year ago, the company first raised substantial concerns about its financial viability. Since then, Tupperware has been grappling with ongoing material weaknesses in internal control over financial reporting, as well as a challenging financial condition and significant attrition resulting in resource and skill set gaps.

As a consequence, Tupperware experienced multiple delays in filing its annual reports. Earlier this year, the company even had to engage KPMG LLP as its new independent auditor after its former auditor declined re-appointment.

Tupperware had previously postponed its 10K filing for the year 2022, and now it has notified that it will delay the filing for FY 2023 as well. While the company intends to complete its due processes and file the 10K for 2023 as quickly as possible, it acknowledged that there is no guarantee in terms of the timeline for completion.

Sales for Tupperware have been declining in recent quarters after a period of recovery during the COVID-19 pandemic. With more consumers cooking at home and using the company's products to store leftovers, Tupperware experienced a surge in demand. However, as restrictions eased and people returned to their pre-pandemic routines, the demand tapered off.

The combination of financial struggles and delays in filing its annual reports has cast a shadow of uncertainty over Tupperware's future. The company's ability to address its material weaknesses in financial reporting and regain its footing in the market will play a crucial role in determining its survival.

Investors and stakeholders will closely monitor Tupperware's progress as it navigates through these challenging times. The management's ability to stabilize the company's financial situation and regain market momentum will be vital in determining whether Tupperware can overcome its current obstacles and thrive once again.