Tupperware, Vera Bradley expand partnership with new collection

Dive Brief:

Tupperware and Vera Bradley have extended their limited-edition product collaboration with exclusive new food and drinkware containers.
This builds on a partnership that started last year when the two brands unveiled their first collaboration, according to a company press release.
The entire new collection is available through Tupperware’s channels, including its website and independent representatives, while the sandwich keepers and snack sets will be sold on the Vera Bradley website and at select stores nationwide.

Dive Insight:

The announcement of the new collection comes at a time when both Tupperware and Vera Bradley are dealing with financial and operational challenges.

Tupperware in April received notification from the New York Stock Exchange that it was no longer in compliance with the exchange’s continued listing requirements due to its failure to timely file its annual report with the Securities and Exchange Commission.

At the same time, Tupperware issued a going concern warning stating that it has "substantial doubt about its ability to continue as a going concern for at least one year from the expected issuance date of its Form 10-K financial statements." In the filing, Tupperware said that if it is unable to obtain adequate capital resources or amendments to its credit agreement, it may not have enough capital to fund its operations and may need to shut down operations.

Last month Tupperware missed the deadline to file its quarterly report. It also appointed Brian Fox of Alvarez & Marsal North America, LLC as chief restructuring officer.

The company last week said it expects to file its annual 10-K report by mid-July and its quarterly 10-Q report by early September. Tupperware did not immediately respond to a request for comment on its current financial position.

Vera Bradley has experienced its own set of challenges. The company had a net loss of $79.4 million in fiscal 2023 from a profit of $20.2 million, while net revenues were about $500 million compared to $540.5 million for fiscal year 2022. Vera Bradley on Wednesday reported that net revenue fell 4.2% year over year to $94.4 million, while its net loss improved slightly to $4.7 million from $6.7 million last year.

Under CEO Jackie Ardrey, who succeeded the retired Robert Wallstrom last November, the company set out to streamline operations with several cost-cutting moves. In January, President Daren Hull, Chief Creative Officer Beatrice Mac Cabe and Chief Revenue Officer Mary Beth Trypus all left the company, with their positions eliminated. At the same time the company named Alison Hiatt as its chief marketing officer.