In a recent U.S. Securities and Exchange Commission filing, Tupperware Brands expressed concerns about its ability to continue as a going concern for at least a year. The popular food storage container company has been hit hard by a liquidity crunch and a decline in demand for its iconic product.

Founded in 1946 by chemist Earl Tupper, Tupperware became a household name in the 1950s with the rise of "Tupperware parties," where women would gather at homes to sell the containers. These parties symbolized empowerment and independence for post-war women. The Covid-19 pandemic initially gave Tupperware a boost in sales as families cooked more and stored leftovers while sheltering at home.

However, as the world reopened, Tupperware saw a decline in sales over the past few quarters. The company's financial troubles have been further compounded by rising costs of resins, labor, and logistics. Tupperware has reported significant losses, prompting doubts about its ability to sustain its operations.

In an effort to address its challenges, Tupperware made several strategic moves. They appointed consumer goods industry veteran Laurie Ann Goldman as CEO, engaged investment bank Moelis & Co to explore possible alternatives, and began a debt restructuring process. The company also delayed its annual report filings and acknowledged ongoing material weaknesses in internal control over financial reporting.

Tupperware's financial situation led to the appointment of KPMG as its new independent auditor earlier this year. The company also reached a forbearance agreement with its lenders, which reduced its weekly minimum U.S. liquidity requirement to $10 million.

The company has stressed its commitment to completing the necessary due processes and filing its annual report for 2023 promptly. However, there is uncertainty regarding the timing of the filing completion due to challenges in financial control, resource attrition, and skill set gaps.

As Tupperware grapples with its liquidity crisis and declining demand, it faces an uphill battle to ensure its survival in the coming years. Time will tell whether the company can overcome these challenges and regain its position as a leader in home food storage solutions.