The iconic US brand saw its share price fall to US$1.24 (RM5.47), hitting a three-year low, after it said it hired “financial advisors to help improve its capital structure and remediate its doubts regarding its ability to continue as a going concern”.

“The company is doing everything in its power to mitigate the impacts of recent events,” Tupperware boss Miguel Fernandez said in a statement.

Tupperware revolutionised the world of housewares with its bowls, dishes and kitchen containers, becoming a symbol of post-world war II prosperity.

But the Orlando-based company, founded in 1946 by Earl Tupper, is now trying to pull itself out of a liquidity crisis.

In the final quarter of 2022, year-on-year sales slumped by 20% to US$313.7 million (RM1.38 billion). On balance, Tupperware made a loss of US$35.7 million (RM157.60 million). The company also failed to submit its annual report on time, which could lead to the breach of credit agreements.