Tupperware’s stock tumbled by 50% on Monday after the container maker warned that its business could soon go belly up.

In a regulatory filing, the Orlando, FL-based company said there is “substantial doubt about the company’s ability to continue,” and it is working with advisors to secure financing to stay afloat. In addition, the company is considering layoffs and reviewing its real estate portfolio to cut costs.

If the company fails to secure fresh funding, it will have to cease its business operations as it does not have enough cash to keep its operations running, Tupperware said.

“Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position,” CEO Miguel Fernandez said. “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.”

The news comes at a time when the company is struggling to grow sales and quickly raise funds due to its asset-light business model. The company is also challenged with a host of other issues, including a “sharp decline in the number of sellers, a consumer pullback on home products, and a brand that still does not fully connect with younger consumers,” said Neil Saunders, retail analyst and managing director at GlobalData Retail.

Saunders added that the company used to be a hotbed of innovation with problem-solving kitchen gadgets, but it has since lost its edge.

Over the past year, Tupperware has been trying to shed its image of the old grandma’s kitchen image and increase its appeal and brand awareness to millennials and Gen Z. In one such effort, the company began selling its products at Target to attract younger consumers and diversify its retail sales channels in October 2022.

Still, the company is looking at an uphill battle, especially in the face of rising competition from players such as Glad, Pyrex, Oxo and Ziploc.