Meme stock Tupperware jumps as debt restructuring deal fuels retail … – Reuters

Aug 4 (Reuters) – Shares of Tupperware Brands (TUP.N) surged 53.1% in premarket trading on Friday, after the kitchen storage container maker finalized a debt restructuring deal, reinvigorating individual investors’ interest in the company.

The Florida-based firm is making an attempt to turn around its business after raising doubts in April about its ability to continue as a going concern as it struggles with slumping sales.

Tupperware said on Thursday it had struck an agreement with its lenders which will help reduce or reallocate about $150 million of cash interest and fees, and would give it immediate access to a revolving borrowing capacity of about $21 million.

Widely recognized for its bright-colored plastic airtight containers, the c…

Read the full article at: https://www.reuters.com/business/retail-consumer/meme-stock-tupperware-jumps-debt-restructuring-deal-fuels-retail-frenzy-2023-08-04/