Osceola County’s Tupperware Brands has been notified by the New York Stock Exchange that it is out of compliance with its rules for listed stocks, following the company in April revealing it might not have enough cash to survive.

At issue with the New York Stock Exchange is Tupperware’s average global market capitalization was less than $50 million over a 30 trading-day period and its stockholders’ equity was less than $50 million when last reported, a Tupperware news release said.

It has 45 days to submit a plan to the New York Stock Exchange to remedy it.

A second issue is the average closing price of Tupperware stock was less than $1 over 30 consecutive trading days. It has six months to fix this issue by having a closing share price of $1 on the last day of the month and an average stock price of $1 over the prior 30 trading days.

Once the ‘Magic Kingdom before Disney,’ Tupperware faces dire future

Tupperware’s stock price remained under $1 Thursday, trading at around $0.86 at close.

The New York Stock Exchange earlier this year also said Tupperware could be delisted after the company did not file an annual report.

After years of declining sales, the business known for its food containers and sales parties started to see some turnaround during the pandemic, when people were eating at home more because of lockdowns. In October 2020, under new CEO Miguel Fernandez, Tupperware reported its first year-over-year sales increase in a quarter since 2017.

Tupperware has been trying to sell its containers in different ways, with its independent sales force hosting online parties and Target starting to carry its containers in stores last year.

This May, Tupperware appointed Brian Fox, a managing director with Alvarez & Marsal’s North American Commercial Restructuring practice in New York, as its chief restructuring officer, a Securities and Exchange Commission document said.

After moving to Florida in the 1950s, the company became a major Central Florida business, bringing jobs, hosting “jubilees” and drawing visitors to its headquarters.

“They were the Magic Kingdom before Disney,” said Bob Kealing, author of “Life of the Party,” a book about Tupperware and executive Brownie Wise, last month.

In 2019, Tupperware said it employed about 300 people at its Central Florida headquarters, but in a February 2020 statement that number had fallen to about 250 people. The company has not released updated staffing figures to the Orlando Sentinel after being asked earlier this year.