Tupperware has determined that "a violation of its credit agreement covenants is probable to occur as a result of forecasted non-compliance with financial covenants and the company's delay in filing its Form 10-K, as well as cash constraints caused by higher interest costs and timing of re-engineering actions," according to an April 3 regulatory filing with the U.S. Securities and Exchange Commission (SEC).

"Further, due to the challenging internal and external business economics causing volatility in the company's earnings, coupled with the increased levels and cost of borrowings under its credit agreement, the company currently forecasts that it may not have adequate liquidity in the near term."

"The company has therefore concluded that there is substantial doubt about its ability to continue as a going concern," it said.

Shares of Tupperware crashed following the revelation. On April 6, Tupperware closed at $2.42, with a volume above 718,000. On April 10, share prices fell to $1.24, a decline of nearly 50 percent, with volume exceeding 19 million.

The company's director board has engaged with financial advisors to secure supplemental investors so as to improve its liquidity situation. It is also talking with potential investors or financing partners.

"The company is doing everything in its power to mitigate the impacts of recent events, and we are taking immediate action to seek additional financing and address our financial position," said Miguel Fernandez, chief executive of Tupperware Brands, according to a press release on April 7.