(RTTNews) – While reporting its second-quarter financial results, Tupperware Brands Corp. (TUP) said it has decided to wind-down Beauticontrol’s operations.
Tupperware said that after being unsuccessful in finding a buyer for the business, it has decided to wind-down Beauticontrol’s operations over approximately the next 60 to 90 days.
The company expects a small amount of sales in the third quarter as on-hand inventory is sold through, compared with third and fourth quarter 2016 sales of $9.8 million and $11.5 million, respectively.
The reduction in 2017 sales versus 2016 related to the Beauticontrol business is estimated to have a negative 1-percentage point impact on the full-year, total company sales compariso…
Read the full article at: http://markets.businessinsider.com/news/stocks/Tupperware-To-Wind-down-Beauticontrol-Operations-Incur-Restructuring-Costs-1002205580