Meme Stock Tupperware Jumps as Debt Restructuring Deal Fires up Retail Army
August 7, 2023
Shares of Tupperware Brands surged 44% after the company finalized a debt restructuring deal as part of its turnaround efforts. Tupperware had raised concerns about its viability in April due to declining sales, but the debt agreement, which reduces or reallocates $150 million of cash interest and fees, boosted investor interest in the company. The stock’s recent rally was driven by retail investors coordinating on social media, similar to the pattern seen in “meme stocks,” with Tupperware becoming the fourth most touted stock on stocktwits.com and the second most actively traded stock by retail traders in the past week.
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