Tupperware, the well-known brand for its storage containers and kitchenware, has hired financial advisors to help improve its capital structure and address its doubts about remaining a going concern. This move caused its shares to drop by almost 49%, the largest recorded decline, to reach an all-time low.

The company is struggling with declining sales, a decrease in the number of sellers, a consumer pullback on home products, and a brand that doesn’t resonate with younger consumers. Despite enjoying a surge in popularity from pandemic shut-ins trying their hand at cooking, Tupperware has fallen on harder times since then. The company reported disappointing earnings in November, announced concerns about its future, and hired advisers.

Tupperware is implementing measures to enhance its liquidity, which includes engaging in talks with prospective investors or financing partners and examining opportunities for its long-term debt worth nearly $700 million. Additionally, the company is assessing its real estate portfolio to simplify operations and boost available funds.

However, Tupperware is facing several challenges, including the possibility of delisting from the New York Stock Exchange and cash constraints due to higher interest costs and the timing of re-engineering actions. The company has expressed “substantial doubt about its ability to continue as a going concern” in a press release and securities filing.

To turn around its operations and address its capital and liquidity position, Tupperware is attempting to attract younger customers with newer and trendier products, shedding its staid image, and growing its business through multiple retail channels. The company’s entry into Target last year is part of its reinvention plan.