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 agreement “provides a lifeline, yet the market environment may prove to be extremely difficult,” said Bartosz Sawicki, market analyst at financial services firm Conotoxia. “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 statementTupperware held a market value of $217.5 million as of Friday morning — a stark increase after losing about 63% off its value over the past 12 months.
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.