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Accountant Shortage Prevents Tupperware from Making Timely SEC Filings

S.J. Steinhardt
Published Date:
Apr 1, 2024


The ongoing accountant shortage has hit an iconic American brand, Tupperware, The Wall Street Journal reported.

The reusable-container maker, based in Orlando, Fla., is delaying its annual report due to internal control issues and a shortage of accountants. The company also said that previous delays in filing its 2022 10-K annual report led to subsequent issues with its quarterly reports. While the company said it filed its 2023 quarterly reports last week, those delays pushed back work on its annual report.

Tupperware lost its accounting firm PwC in October, the Journal reported; it previously disclosed a material weakness in its internal control over financial reporting and warned of its ability to continue operating.

The company said its accounting department is experiencing “significant attrition,” which has left the company with strained resources and gaps in skill sets, the Journal reported. Over the past year, many companies have cited a lack of skilled accounting personnel as a reason for material weaknesses in their financial-reporting controls, which can often cause restatements.

The shortage has caused companies to miss certain reporting deadlines. Last year, Advance Auto Parts could not file a quarterly report on time, saying it wasn’t able to attract and retain enough qualified accounting staff to fulfill internal-control responsibilities. 

Tupperware said retaining a new independent auditor also hampered its ability to submit its form 10-K on time, the Journal reported.

In its latest quarterly report, Tupperware said that it had $259.6 million in revenue for the quarter that ended Sept. 30, 2023, down by 14 percent from the prior-year period. It reported a net loss of $55.8 million for the quarter that ended Sept. 30. 

In February, Tupperware secured a forbearance agreement with lenders as it explores strategic alternatives.

The Journal reported that Tupperware didn’t immediately respond to a request for comment. 


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