Business

Tupperware Brands Corporation Announces Significant Filing Update

ORLANDO, Fla., April 19, 2024 /PRNewswire/ -- In a significant announcement that marks a milestone in its financial transparency efforts, Tupperware Brands Corporation, a leading global kitchen and home products company, has shared an update on the status of its financial statements for the year 2023. Following a transition period that saw the appointment of a new auditor, the company has worked assiduously to become current with the filing of its quarterly financial statements for the initial three quarters of the year before March 29, 2024. The diligent preparations continue as the organization focuses on completing its audit and ultimately filing its full-year financials in the Annual Report on Form 10-K for the fiscal year which concluded on December 30, 2023.

Notice from the New York Stock Exchange

Upon the disclosure of this development, the Company also relayed that, as anticipated, it received a notice from the New York Stock Exchange on April 16, 2024. This notice revealed that Tupperware is not in full compliance with Section 802.01E of the NYSE Listed Company Manual, a non-compliance issue attributed to the Company’s delay in filing its Form 10-K with the Securities and Exchange Commission (SEC). However, it’s important to note that this notification does not immediately affect the listing of the Company’s common stock on the NYSE, providing a measure of reassurance to investors and shareholders.

Six-Month Period to Regain Compliance

The NYSE has communicated to Tupperware that it will have a period of six months extending from March 29, 2024, to file the Form 10-K with the SEC and regain its compliance status pertaining to the NYSE continued listing standards. In the event that the Company is unable to file within this six-month window, the NYSE maintains the authority to extend this timeframe by up to an additional six months to accommodate the Company's compliance efforts, depending solely on the particular circumstances faced by Tupperware.

Challenges and Efforts Toward Timely Filing

As Tupperware had previously asserted in the Notification of Late Filing on Form 12b-25 with the SEC, the completion and filing of the Form 10-K have necessitated additional time. This request is due to multiple reasons: the prior delay in filing its quarterly financial reports, existing material weaknesses within its internal control over financial reporting, and the need for supplementary accounting and auditing procedures pertinent to the Form 10-K. Compounding these issues is the attrition within the accounting function of the Company. Despite these challenges, Tupperware remains committed to resolving these matters and is focused on filing the Form 10-K as soon as possible, with the current expectation of meeting the six-month deadline set by the NYSE notice.

Forward-Looking Statements

Within the press release, Tupperware underscored certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. These statements pertain to the Company's optimism regarding compliance with NYSE listing standards and its capability to file the annual report on Form 10-K for the fiscal year that ended on December 30, 2023. Despite these aspirations, such forward-looking statements involve assumptions that are impacted by various significant factors. For instance, these factors include the timeliness with which the Company can finalize its consolidated financial statements, the completion of the audit by its independent registered public accounting firm, and other identified risks in the most recent Form 10-K and other SEC filings, all of which are publicly accessible on the company's website.

About Tupperware Brands Corporation

Turning to the history and influence of the company, Tupperware Brands Corporation, known on the New York Stock Exchange as TUP, stands out as a company of firsts: inventing solutions to minimize food waste, energizing female entrepreneurship through social selling, and pioneering the concept of the home party that is now hailed worldwide. Since its founding in 1946, Tupperware has established itself as a reputable designer, manufacturer, and distributor of original, high-quality products that have sparked innovation and trust amongst consumers. The iconic Tupperware® brand has woven itself into the fabric of American culture and has achieved widespread recognition across the globe.

Tupperware's Online Presence and Contact Information

For individuals desiring more information about Tupperware Brands Corporation, a variety of resources are available online. One can visit Tupperwarebrands.com for comprehensive insights into the company's products and initiatives. Moreover, the company maintains an active presence on social media platforms including Facebook, Instagram, LinkedIn, and Twitter, providing updates and engaging with a global audience. Parties interested in media inquiries can reach out directly to the Media Contact, Tammy Snook Quezada, through email at [email protected] Furthermore, supporters and followers are encouraged to connect with the company through their various social channels to stay informed on the latest from Tupperware.

Persistent Adherence to Transparency and Standards

The recent announcement from Tupperware Brands Corporation signals a steadfast adherence to financial transparency and a strong commitment to adhering to regulatory standards. While faced with considerable challenges, the approach and anticipation of the company in its financial reporting convey a determined effort to uphold the trust of its stakeholders and maintain its historic brand reputation. This continuous strive for transparency not only marks an integral phase for the company's operational integrity but also reinforces its dedication to good corporate governance.

Proactive Response to NYSE Notice

Tupperware's proactive response to the notice from the New York Stock Exchange illustrates the company's resolve to meet its regulatory obligations and safeguard its NYSE listing status. While there is no immediate impact on the stock listing following the NYSE notice, the company's commitment to regain compliance within the stipulated time frame marks a critical focus of its corporate strategy. Therefore, aligning efforts to resolve the specified issues related to internal financial reporting practices reflects the responsible management ethos ingrained in Tupperware's corporate culture.

Long-Term Vision Amid Financial Reporting

The focus on long-term vision, while navigating through the complexities of fiscal reporting, is emblematic of Tupperware’s historical significance and forward momentum. These forward-looking statements, while grounded in current expectations, are also subject to the fluctuating dynamics of financial, operational, and regulatory realms. In this light, the company continues to dive deep into the auditing process, thoroughly examining the fabric of its financial mechanisms to ensure compliance and accuracy, which are vital for the integrity of its financial communications.

Tupperware's Global Impact and Evolution

Beyond the financial spectrum, Tupperware's global impact stretches across decades, with its evolution into a brand synonymous with quality, innovation, and community influence. As the company endeavors to resolve its current financial reporting challenges, it simultaneously continues to deliver ingenious product designs and foster entrepreneurial spirit—an ethos that has empowered countless individuals around the world. Thus, Tupperware's brand narrative intertwines with its operational pursuits, weaving a tale of resilience and adaptability that echoes throughout its corporate mission.

Conclusion: The Path Ahead for Tupperware

In conclusion, with challenges comes opportunity, and Tupperware Brands Corporation’s update on its financial statement filing indicates a pivotal moment in its corporate journey. With a laser focus on resolving existing internal accounting weaknesses and completing additional audit procedures, the path ahead is one of reformation and transparency. As the company works within the grace period provided by the NYSE to file its Form 10-K, the anticipation among the financial community builds. Stakeholders and consumers alike look forward to Tupperware’s continued progress as it navigates through the intricate financial landscape with resolve and commitment to excellence.

Remember to follow Tupperware's progress and connect with the company through their website and social media channels for the latest updates and inspiring stories that reflect the company's enduring legacy.

(SOURCE Tupperware Brands Corporation)

This concludes our in-depth news article on Tupperware Brands Corporation's ongoing efforts to file its 2023 financial statements and the subsequent developments following the NYSE notice. Stay tuned to the company’s official communications for further updates on the story as it unfolds.