Tupperware Brands said that it has secured financial flexibility while it explores strategic alternatives for the company, the Wall Street Journal reported. The household storage company on Friday said that it entered into a forbearance agreement with its lenders to continue executing its turnaround plan. The company said that the agreement will reduce its weekly U.S. liquidity agreement to $10 million from $15 million during the forbearance period, to end no later than June 30. Tupperware will make a payment of $10.9 million to the lender to continue having access to the revolving credit facility under their credit agreement, but limits the capital availability to about $36.4 million, the company said. “With the financial flexibility provided by the forbearance agreement, the company is both continuing to execute on its global business strategy transformation plan, and working closely with financial advisors to run a process to explore strategic alternatives,” Tupperware said without providing further details on its plan. Last year, the company said it was looking into options for boosting liquidity, including raising financing from investors and selling its real-estate holdings, after seeing its sales slide in recent years. (Subscription required.)
