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Wall Street Breakfast

Tupperware to file bankruptcy - report

Wall Street Breakfast

Seeking Alpha

Business News, News, Business, Investing

4.11K Ratings

🗓️ 17 September 2024

⏱️ 7 minutes

🧾️ Download transcript

Summary

Tupperware (TUP) reportedly to file for bankruptcy as soon as this week. (00:25) New Amazon (AMZN) plan: Workers in the office five days a week, leaner management. (01:24) UAW files complaint against Stellantis (STLA) for violating terms of 2023 contract. (02:20)

Episode transcripts seekingalpha.com/wsb.

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Transcript

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0:00.0

Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

0:08.0

Good morning. Today is Tuesday, September 17th. I'm Julie Morgan.

0:13.2

When was the last time you heard about a Tupperware party?

0:16.6

Amazon is telling employees to get back into the office,

0:20.2

and the UAW says Stolantis is not living up to the deal.

0:25.0

Tupperware is preparing to file for bankruptcy as soon as this week.

0:29.0

Bloomberg reported on Monday citing people with knowledge of the plans that the company is planning to enter court protection after breach of debt terms and enlisted legal and financial advisors the report said quoting people who knew confidential information but requested

0:45.2

anonymity.

0:46.2

Bloomberg reported that bankruptcy preparations come after protracted negotiations

0:51.4

between the company and lenders over how to manage its $700 million in debt.

0:57.0

The lenders agreed this year to give it some breathing room on the violated loan terms,

1:02.0

but Tupperware's business did not get any better.

1:04.0

The plans are not final and could change.

1:07.0

Tupperware's all-time high closing price was $72.31

1:12.0

on December 23rd and 2013.

1:15.0

It traded in the $30 range less than four years ago.

1:19.0

Today, it's worth $51 and going down from there.

1:23.0

Amazon expects workers to return to the pre-pandemic setup of being in the office five days a week.

1:30.0

CEO Andy Jassy told employees in a letter that they've observed that it's easier for teammates to learn, model, practice, and strengthen their culture.

1:39.6

Collaborating, brainstorming, and inventing are also simpler and more effective.

1:45.0

The letter went on to say that teaching and learning from one another are more seamless in the

1:49.7

office and teams tend to be better connected to one another.

...

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