2023-04-13 12:35:45 ET
Tupperware Brands ( NYSE: TUP ) stock rocketed over 30% higher on Thursday as the company continues to pursue a turnaround strategy.
According to the Wall Street Journal , the consumer products company has engaged Moelis & Co., Kirkland & Ellis, and Alvarez & Marsal to advise on restructuring. The firms signed on in recent days following a Going Concern notice issued by the direct marketing company earlier in the week. The notice came just days after Tupperware delayed the filing of its 10-K for 2022.
Shares fell nearly 50% following the announcement, extending an over 90% drop in the past year. However, the stock has marked a notable rebound in recent days, marking double-digit gains in recent days, bookended by about a 35% gain in afternoon trading on Thursday.
Read more from Investing Groups Leader Daniel Jones on what he sees as a likely bankruptcy to come for Tupperware .
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Tupperware stock rebounds as company adds turnaround advisors