Tupperware Delays Filing Annual Results Amid Accountant Shortage -- WSJ

Dow Jones03-30

By Ben Glickman

Cash-strapped Tupperware Brands is delaying its annual results due to internal control issues and a shortage of accountants.

The Orlando, Fla.-based reusable-container maker said in a filing Friday that its previous delays in filing its 2022 10-K annual report caused subsequent issues with its quarterly reports. The company said it filed its 2023 quarterly reports on Friday, but those delays pushed back work on its annual report.

Struggling Tupperware has faced continuing liquidity and accounting issues in the last year. The company lost its accounting firm PricewaterhouseCoopers in October and has previously disclosed a material weakness in its internal control over financial reporting and warned of its ability to continue operating.

Tupperware said Friday its continuing material weakness had made added procedures necessary in preparing its annual report, which has contributed to delays. The company said its accounting department is experiencing "significant attrition," which has left the company with strained resources and gaps in skill sets.

The company said retaining a new independent auditor also hampered its ability to submit its form 10-K on time.

Last month, Tupperware secured a forbearance agreement with lenders as it explores strategic alternatives.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

March 29, 2024 15:49 ET (19:49 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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