Shares of Tupperware Brands shot up nearly 50% on Friday on the heels of a 90% jump in after-hours trading the previous day after the struggling kitchen storage container maker announced a debt restructuring deal.
The Florida-based company, known for its bright-colored plastic airtight containers, raised doubts in April about its ability to continue as a going concern as it struggles with slumping sales.
On Thursday, Tupperware announced 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.
The agreement “provides a lifeline, yet the market environment may prove to be extremely difficult,” said Bartosz Sawicki, market analyst at financial services firm Conotoxia.
After a surge in demand for Tupperware containers to store food during the lockdown, the company has witnessed a slide in sales volumes since 2022.
Tupperware has tapped New York-based turnaround management firm Alvarez & Marsal.
The move will “improve the company’s overall financial position by amending certain credit obligations and extending the maturity of certain debt facilities,” the company said.
Tupperware also announced the reduction of amortization payments required to be paid through fiscal year 2025 by approximately $55 million, and immediate access to a revolving borrowing capacity has been slashed to about $21 million.
“I am confident that this agreement provides us with the financial flexibility to continue executing on our near-term turnaround efforts as well as our long-term strategy to create a global omni-channel consumer brand, Tupperware CFO Mariela Matute said in the statement
Representatives for Tupperware did not immediately respond to The Post’s request for comment.
Tupperware shares closed up 36% to $4.77 on Friday, leaving it with a market value of $212.2 million — a stark increase after losing about 63% off its value over the past 12 months.
In 2022, Tupperware recorded revenue of $1.3 billion — a dip from the $1.69 billion it did in sales in 2021 and a hefty drop from the $1.74 billion in 2020.
The company has posted negative sales growth in five of the last six years — a trend that seemed to be accelerating so far this year.
Launched in 1946, Tupperware was the creation of chemist Earl Tupper, whose seal-tight design was inspired by paint cans. The brand was soon a household name.
In the late 1940s, a single Detroit mom named Brownie Wise began hosting get-togethers to peddle Tupperware, inspiring other women to do the same.
Tupperware Ladies and Tupperware Parties became an icon of midcentury suburban living and an early form of multilevel marketing.
In the decades that followed, numerous other brands entered the seal-tight container market. Tupperware enthusiasts have a deep love of the brand, but they admit its best years are in the past.
The Kessler Twins, German sisters famous across Europe for their singing and dancing, have died together through assisted means, local police have said.
Content warning: this article contains references to suicide
Munich officers said in a statement on Tuesday that Alice and Ellen Kessler had died by “joint suicide” at their shared home in Grunwald. They were 89.
The German Society for Humane Dying, a group in support of assisted dying, told Sky’s US partner network NBC News that the sisters had “been considering this option for some time”.
It added they had been members for more than a year and that “a lawyer and a doctor conducted preliminary discussions with them”, and said: “People who choose this option in Germany must be absolutely clear-headed, meaning free and responsible.
“The decision must be thoughtful and consistent, meaning made over a long period of time and not impulsive.”
In an interview last year with the Italian news outlet Corriere della Sera, the sisters said they wished to die together on the same day.
Image: Alice and Ellen Kessler on stage in Stuttgart on 21 November 2006. File pic: AP
A ban on assisted dying in Germanywas overturned by the country’s federal court in 2020.
While the practice is not explicitly permitted, judges said at the time the previous law outlawing it infringed on constitutional rights.
Alice and Ellen were born in 1936 and trained as ballet dancers in their youth. They began their entertainment careers in the 1950s after their family fled from East Germany to West Germany.
Professionally known as The Kessler Twins, they were then discovered by the director of the Lido cabaret theatre in Paris in 1955, launching their international career.
In 1959, the sisters also represented a now-unified Germany at the Eurovision Song Contest, held in Cannes, France.
The US Department of Energy’s Loan Programs Office (LPO) closed a $1 billion loan to restart Three Mile Island Unit 1, a nuclear reactor at Three Mile Island in Londonderry Township, Pennsylvania.
The money is being loaned to Constellation Energy Generation, which is renaming the 835 megawatt (MW) Three Mile Island Unit 1 the Crane Clean Energy Center. Constellation said in September 2024 that it would restart the reactor under a power purchase agreement with Microsoft, which needs more clean power to feed its growing data-center demand.
The project is estimated to cost around $1.6 billion, and the DOE says the project will create around 600 jobs. The reactor is expected to start generating power again in 2027.
Three Mile Island Unit 1 (in the foreground in the photo above) went offline in 2019 because it could no longer compete with cheaper natural gas, but it wasn’t decommissioned. It’s capable of powering the equivalent of approximately 800,000 homes. It’s on the same site as the Unit 2 reactor (in the background in the photo above) that went into partial nuclear meltdown in 1979, and is known as the worst commercial nuclear accident in US history.
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When asked about the loan’s timing, Greg Beard, senior adviser to the Loan Programs Office, told reporters on a call that it would “lower the cost of capital and make power cheaper for those PJM [Pennsylvania-New Jersey-Maryland] ratepayers.” Data centers are driving up electricity costs for consumers.
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An affordable Bronco EV? Not for those in the US. Ford opened orders for the electric Bronco in China, starting at under $33,000.
Ford Bronco electric pre-orders open at under $33,000
Ford announced the All-Wheel Drive electric SUV is officially open for pre-sale on Tuesday, starting at RMB 229,800 ($32,300).
The electric Bronco is available in pure electric (EV) and extended range electric vehicle (EREV) options. It’s offered in three variants, priced from RMB 229,800 ($32,300) to RMB 272,800 ($38,400).
All models are All Wheel Drive, while the pure electric version costs an extra 10,000 yuan ($1,400). Ford is offering pre-sale buyers some pretty sweet benefits, including a camping experience package (with an added roof tent), a Mountain Kitchen Multi-Function Tailgate gift, an overnight stay package (for your vehicle), and more.
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The electric Ford Bronco is about the same size as the standard 4-door version sold in the US at 5,025 mm long, 1,960 mm wide, and 1,815 mm tall.
The electric Ford Bronco (Source: Ford)
Although it may look the same, the EV version draws power from a 105.4 kWh LFP battery pack from BYD’s FinFreams, providing up to 650 km (404 miles) CLTC driving range.
It’s equipped with two electric motors, one in the front and the other in the rear, producing a combined 445 horsepower (332 kW).
The electric Ford Bronco (Source: Ford)
The EREV version combines a 43.7 kWh battery with a 1.5T engine, delivering a pure-electric range of 220 km (137 miles) and a combined CLTC driving range of 1,220 km (758 miles).
Some of the higher trims feature Ford’s Fuyu ADAS system, developed exclusively for buyers in China with a roof-mounted LiDAR and over 30 sensors and cameras. It even features a cool “off-road logbook” that shows drivers over 20 popular routes across China.
The interior is custom-tailored for Chinese buyers with a 15.6″ central infotainment and a smaller driver display screen. It also offers a massive 70″ AR head-up display (HUD).
Unlike the Ford vehicles we’re accustomed to seeing, the electric Bronco includes a 7.5L refrigerator in the center console.
The AWD electric SUV is coming at a critical time as Ford aims to revamp its business in China. Ford is working with local partners on new technologies, designs, and powertrain ideas for global markets.
Ford’s sales in China are down by over 14% through October this year, but new electrified vehicles, including the Bronco, are expected to help turn things around. Ford’s lineup in China mainly consists of gas-powered vehicles, which have quickly fallen out of favor with buyers shifting to more advanced, more efficient, and often lower-priced domestic EVs.
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