TUPPERWARE BRANDS CORPORATION (NYSE:TUP) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition

This information is set forth under “Item 2.02. Results of Operations and Financial Condition” in accordance with SEC Release No. 33-8400. Such information, including the Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

On July26, 2017, Tupperware Brands Corporation (the "Company" or the "Registrant") issued an earnings release. A copy of the release is attached as Exhibit 99.1.

Item 2.05 Costs Associated with Exit or Disposal Activities

Following a review of the Company’s proposed restructuring program by the Audit, Finance and Corporate Responsibility Committee of the Company’s Board of Directors at its meeting on July 24, 2017, and to the Committee’s guidance, the Company announced today that it expects to take additional significant restructuring actions over the next two to three years to rationalize its supply chain and to adjust the cost base of several of its marketing units. These actions are in addition to the Company’s decision to wind down its Beauticontrol unit, which was previously disclosed in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 20, 2017.

Related to the Beauticontrol and other restructuring actions, the Company recorded $32.6 million pretax of costs in the second quarter of 2017. In addition, it expects to record $40 to $45 million of pretax restructuring costs in the second half of 2017 and, including the 2017 amounts, a total of $100 to $110 million through 2018 or 2019, excluding related sales of excess fixed assets through which up to $35 million of proceeds are expected to be realized. Of the total $100 to $110 million in costs, the Company estimates that about 80% relates to severance and benefits, while the balance is predominantly related to costs to exit leases and other contracts, as well as write-offs of excess assets for which there are not expected to be disposal proceeds. The 2017 cash outflow related to the restructuring actions, including the wind down of Beauticontrol, is expected to be about $25 million, and including this amount, the total cash outflow in connection with the actions over time is expected to be $90 to $100 million before proceeds from the sale of fixed assets connected with the restructuring actions. The annualized benefit of these actions, once fully implemented, is expected to be approximately $35 million, with a small amount of benefit in 2017 and about two-thirds of the annualized benefit to be realized in 2018.

The cost estimates set forth in this Item 2.05, including the exhibit furnished to Item 9.01, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on the Company’s expectations and plans at the time such statements are made, speak only as of the dates they are made and are susceptible to a number of risks, uncertainties and other factors. The Company’s actual costs may differ materially from estimated costs expressed or implied by such forward-looking statements. Such risks are in addition to the other risks cited in the Company’s press releases, public statements and filings with the U.S. Securities and Exchange Commission, including those identified in the “Risk Factors” sections of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and Quarterly Report on Form 10-Q for the quarterly period ended April 1, 2017.

Item 9.01(d) Financial Statements and Exhibits

Exhibit 99.1 Press release of Tupperware Brands Corporation dated July26, 2017.

Tupperware Brands Reports Second Quarter Results

TUPPERWARE BRANDS CORP Exhibit
EX-99.1 2 a2017q2earningsrelease.htm EXHIBIT 99.1 Exhibit News Release Tupperware Brands Corp. 14901 S. Orange Blossom Trail Orlando,…
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About TUPPERWARE BRANDS CORPORATION (NYSE:TUP)

Tupperware Brands Corporation is engaged in the manufacture and sale of Tupperware products, and cosmetics and personal care products. The Company’s segments are Europe, Asia Pacific, Tupperware North America, Beauty North America and South America. The Europe, Asia Pacific and Tupperware North America segments include design-centric preparation, storage and serving solutions for the kitchen and home through the Tupperware brand. The Europe segment includes Avroy Shlain, which sells beauty and personal care products. The Asia Pacific segment sells beauty and personal care products under the NaturCare, Nutrimetics and Fuller brands. The Beauty North America segment offers cosmetics, skin care and personal care products marketed under the BeautiControl, Armand Dupree and Fuller Cosmetics brands. The South America segment offers housewares and beauty products under the Armand Dupree, Fuller, Nuvo and Tupperware brands.

TUPPERWARE BRANDS CORPORATION (NYSE:TUP) Recent Trading Information

TUPPERWARE BRANDS CORPORATION (NYSE:TUP) closed its last trading session down -5.69 at 63.91 with 618,943 shares trading hands.