Here is a list of 10 core steps for turning around a struggling small business that is based on the book that I published titled Small Business Turnaround, by Marc Kramer: 1. Write Business, Sales/Marketing, and Operation Plans. Investors, management, the bank, and employees all need to know what the company’s future plans are. Can These Struggling Retailers Survive 2020? 9 Retailers That May Die Off In 2020. The company also owns the Ann Taylor, Ann Taylor Loft, Lane Bryant, Catherines, and Justice brands.
Pan American World Airways, Standard Oil, F.W. Woolworth, and Circuit City were once giants of. Today these companies exist only in people’s memories.
Changing consumer tastes, evolving technology, corporate complacency, and bad business decisions ended these iconic.The collapse of companies may seem abrupt. But plummeting revenue and leadership change can predict a company’s deaths. Of course, some, like Apple and IBM,.
But for every success story, there’s a bankruptcy. These 20 companies, including a beloved family-friendly re staurant (page 9), are among the walking dead. Campbell’s ingredients don’t appeal to young adults. Justin Sullivan/Getty ImagesYou’d think the hipsters and young adults would appreciate the vintage look of Campbell’s Soup. However, the company’s throwback labels and long list of unpronounceable ingredients millennial grocery shoppers. Many would rather make homemade soup or buy organic, better-marketed brands.
In fact, Campbell’s isn’t even in the top 25 brands they recognize favorably. If this company doesn’t adapt to the times, it will surely lose in the long run.Next: This shoe brand is the butt of many jokes.2. Stores are shutting down after a loss of millions of dollars. Cate Gillon/Getty ImagesCrocs’ declining stock spells trouble for the plastic shoe retailer. It announced the by the end of 2018, and attributes this to its losing battle against other companies’ athletic shoe offerings.Crocs’ restructuring strategy includes cutting operational costs and narrowing down its product offerings. The company has brought on Drew Barrymore as a brand ambassador and has added a new sandal to its basic clog style.
Time will tell if these steps create some buzz and generate sales.Next: Profits aren’t bloomin’ at this restaurant group.3. Bloomin’ Brands.
Outback Steakhouse RiverNorthPhotography/Getty ImagesIn 2017, the owner of Outback Steakhouse, Carrabba’s Italian Grill, and Bonefish Grill it was closing 43 of its 1,500 restaurants. The three chains all experienced negative 2016 sales and hoped for a better 2017, but things don’t look good. To compete with fast-casual chains and delivery services, Bloomin’ Brands re-evaluated its strategy for 2017, reducing promotions, enhancing delivery services, and renovating existing locations.In late 2017, acquired an 8.74% stake in the company, and speculation was the company would. Word is still out on that and whether it would be enough to keep the ailing company afloat.Next: Young adults don’t find this company cool. A shopping cart abandoned at Sears in Illinois. Scott Olson/Getty ImagesSears was once one of the biggest names in American retail. Today it’s barely hanging on.
As shoppers abandon the chain, more locations are closing. While Sears Holdings ran 3,500 Sears and Kmart stores combined in 2005, that number will soon be just 1,000. Some blame it on the company’s.Sales at Sears and Kmart stores plunged 16% and 17% in November and December 2017 compared to those months in 2016. Sears has also been to the likes of Lowe’s, Home Depot, and Best Buy.Next: You’ll see less and less of this name at local malls.6. Aeropostale is trying to make a comeback by reopening 500 of its stores nationwide. Karen Bleier/AFP/Getty ImagesTeen-focused clothing chain Aeropostale filed for Chapter 11 bankruptcy in May 2016, simultaneously announcing that it was closing 154 underperforming stores.
Competition from fast-fashion retailers like Forever 21 and H&M causes problems for the once-popular store, along with similar chains like Abercrombie & Fitch and American Eagle. Aeropostale was the weakest of the “three As,”.Aeropostale may hang in there, though.
Mall operator didn’t want the chain to go under since it would leave vacancies at its properties. In September, Simon and its partner, General Growth Properties, rescued the chain, which was in the process of being liquidated. In 2017, more than.Next: No one is eating good in the neighborhood.7. An Applebee’s and IHOP in Illinois Scott Olson/Getty ImagesDineEquity, the owner of both Applebee’s and IHOP, is struggling to attract diners as fewer families eat out and millennials prefer local restaurants and fast-casual chains. The company up to 135 Applebee’s locations and up to 25 IHOP locations in 2017. Get your Rooty Tooty Fresh ‘n Fruity pancakes while you still can.To make matters worse, the restaurants have been hit by internal scandal. A February 2018 report found that Applebee’s and IHOP have been by more than 60 employees.
The allegations have been made by employees against managers, co-workers and franchise owners.Next: A long-suffering company attempts drastic changes.8. When was the last time you saw a roll of film? Gerard Julien/AFP/Getty ImagesAt one time, Eastman Kodak was a cutting-edge technology company employing 145,000 people. Fast forward to today, and the company is but a shadow of its former self. Many patents have been sold and buildings have been demolished as the company is shrinking after its 2012 bankruptcy. It’s been attempting an unlikely comeback in cryptocurrency of all things.
The product, is described as a means for photographers to take control in image rights management.Although Kodak’s stock rose more than 200% following KodakCoin’s announcement, critics slammed the company’s new product. Its money-making potential has also been called into question. To make matters worse, after the company delayed an initial coin offering, saying it needed several more weeks to verify the accreditation of the investors interested. Where this roller coaster ride will end up remains to be seen.Next: This buffet needs a serving of success.9. Old Country Buffet. American Apparel, the popular clothing store which first opened in 1997, is now online only.
David McNew/Getty ImagesIn the late ’90s, American Apparel took over teen closets with its made-in-America T-shirts and other basics. The chain expanded quickly, gaining as much attention for its racy ads as its manufacturing practices. In 2007, the company was valued at $1 billion, but the twin problems of the 2008 economic crisis and a series of sexual harassment allegations against founder Dov Charney put it into a death spiral,.In January 2017, American Apparel all 110 U.S. Stores, though like the No. 20 store on this list, it still exists online. Social media is the company’s primary channel.
“We’re basically a startup,”, head of brand marketing. Only around 25 people work out of the company’s new headquarters office in L.A.Next: Shoppers are stepping out on this shoe retailer.11. Could the end be near for Nine West?
Frazer Harrison/Getty Images for InStyleNine West is in final negotiations to restructure its $1.5 billion in debt,. This includes a Chapter 11 bankruptcy and selling off parts of its business, the news outlet reported.
The shoe company has already sold off its Easy Spirit brand and closed most of its stores. Only 25 remain open today.The ailing retailer has one of the highest debt-to-earnings ratios, with debt exceeding 19 times adjusting earnings. The company has been negotiating with its creditors since at least last year. The brand, now owned by private equity firm Sycamore Partners, with new projects.Next: Even the most iconic department store is struggling.12. A Macy’s department store Chris Hondros/Getty ImagesWe’ve discussed the venerable department store’s problems, but it boils down to stiff competition from retailers (including online stores), changing consumer habits (many don’t shop at department stores anymore), and the high cost of labor. Macy’s is facing these challenges by narrowing its store footprint ( helped the firm raise $1 billion in just two years) and promoting online sales.New initiatives the company is hoping will boost revenue include to other companies. In addition, it launched a line of modest clothing, including hijabs, targeted at Muslim women —.
We’ll have to wait and see whether these new initiatives help turn sales around.Next: “Paying less” is not enough to keep this shoe retailer afloat.13. Payless is considering bankruptcy. Donald Bowers/Getty Images for Payless ShoeSourceBudget-friendly shoe retailer Payless in April 2017, with plans to restructure debt and boost its balance sheet. It planned to close up to 800 stores.
The company was the first of a crop of spring Chapter 11 filings to emerge from bankruptcy. The retailer is now working to bring “click-to-brick” and ship-to-home capabilities to its stores, CEO Mike Vitelli said.Despite emerging from bankruptcy, the shoe store continues to struggle. It announced in January 2018 it would, reducing layers between its corporate headquarters and retail stores. Just how many jobs would be cut wasn’t specified.Next: Hungry people have many sandwich options these days.14.
Remember Quiznos? Justin Sullivan/Getty ImagesQuiznos used to be the in the country. Now it’s hard to find a place to buy one of its toasted sandwiches. While in 2007 it boasted 5,000 stores, that number has dwindled to.Competition with chains like Jimmy John’s and Firehouse Subs is partly to blame for the company’s fall,. The company has been attempting to get more return customers through its loyalty app and offering for a day. Will all this work or is Quiznos toast? Only time will tell.Next: This production company won’t have a Hollywood ending.
Relativity Media CEO Ryan Kavanaugh at the premiere of Masterminds with Owen Wilson and Jessica Roffey Frazer Harrison/Getty ImagesUpstart studio Relativity Media created movies like 3:10 to Yuma and Limitless, but those early successes didn’t translate into financial stability. The company emerged from a bankruptcy proceeding in 2016, but it still couldn’t find its footing.
A couple of big-time flops, including Masterminds, starring Zach Galifianakis and Kristen Wiig, hurt the small studio, which also sued Netflix for supposedly trying to force it out of business, the reports.Employees were furloughed, the CEO and founder stepped down, and the company owes in back rent on its Beverly Hills office. Hollywood may love a comeback story, but the chances of a sequel for this company seem slim. The company in May 2018.Next: This struggling health brand is on life support.16. Elizabeth Holmes, founder and CEO of Theranos, has a net worth of $0.
Andrew Burton/Getty ImagesWhen Elizabeth Holmes claimed to have invented a new blood testing device that uses a single drop of blood to screen for hundreds of conditions, the media went gaga. The technology offered by her company, Theranos, was “mind-blowing” and would give people “an unprecedented window on their own health,” in a 2014 article. That year, Theranos was valued at $9 billion.Everything was rosy until a 2015 investigation by revealed its testing technology didn’t work. Holmes, who once topped Forbes’ list of the richest self-made women, saw fall to $0. Theranos settled two lawsuits brought by a hedge fund that invested $96.1 million.There is someone willing to help fund the beleaguered company, however.
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Theranos secured in December 2017 from a New York private equity firm. This is a much-needed infusion after the company laid off more than half its workforce in 2017. The real question is whether the company can undo the damage it has garnered in the public eye.Next: Ear piercing services aren’t enough to turn a profit.17. Did you get your ears pierced at Claire’s when you were a teen?
David McNew/Getty ImagesIf you surveyed American women, most would say they got their ears pierced at a Claire’s store (they claim they’ve pierced 94 million ears). But today’s tweens may have to go elsewhere for that formative experience.The mall jewelry chain, which a private equity firm purchased in 2007, and is struggling to turn a profit. The company declared Chapter 11 bankruptcy.Next: Trouble for another sandwich chain18. People have more options for fresh, healthy food now. Joe Raedle/Getty ImagesSubway, the world’s largest restaurant chain, is, some reports say. People are looking elsewhere for healthier, fresher, and what they feel is better tasting food. Also, franchise owners are protesting the chain’s promotions (i.e., ) and food quality.
The chain in 2017 alone, with more closures likely in 2018.And who can bring up Subway’s rocky history without mention of former spokesperson Jared Fogle, who is serving a 16-year prison term for paying for sex with minors and possessing child pornography? Whether Subway can pull itself from its current slump depends on whether it improves, some say.Next: Trendsetting millennials aren’t interested in this classic jeweler.19. Tiffany & Co. Tiffany & Co. Might not be as timeless as Breakfast at Tiffany’s would have us believe. Spencer Platt/Getty ImagesTiffany had a decent 2017 holiday season after a period of lackluster sales.
However, the jeweler acknowledged it still had work to do. The company’s struggles also have included CEO Frederic Cumenal departing abruptly in 2017. Prodigy tactics wiki. Only 6% of Tiffany’s sales are through its website, so new CEO Allendro Bogliolo is tasked with building up e-commerce.Bogliolo acknowledged that the only way to reverse the overall negative sales trend is “stepping up certain strategic spending.” In addition to e-commerce efforts, the company is also investing money to refresh Tiffany’s merchandise.Next: This popular women’s clothing retailer saw “limited” success.20. You can still shop The Limited online. Teen girls from the ‘80s or ‘90s probably remember The Limited. But if they want to relive the experience, they’re out of luck, unless they want to shop online. The retailer in January 2017 and filed for Chapter 11 bankruptcy soon after.The clothing.
“This isn’t goodbye, the company said in a statement after shuttering its locations in malls. “The styles you love are still available online — we’re just a click away 24 hours a day.”Additional contributions by Megan Elliott and Ali Harrison.Check out on Facebook!
Nothing is permanent, and that’s especially true in retail business. Sears seemed like it would be around forever, but on its last legs. Toys R Us closed up shop in 2018, and even though the, the store won’t be quite the same. These struggling American companies could soon follow dodo birds and rotary phones into extinction.You’ve probably heard of most of the stores ( including the established department store at No. 11) on our struggling companies list, but a couple ( such as the company at No. 9) have a lower profile. 99 Cents Only Stores.
Discount retail is a tough arena to win in, which 99 Cents Only Stores know. Thankstelfair/Wikimedia CommonsWhat to know: Nearly $70 million in losses in 2018.The crowded and competitive bargain retail space is making life tough on 99 Cents Only Stores. Dollar Tree, Dollar General, and Walmart are stores competing with 99 Cents Only Stores. The company hemorrhaged money throughout 2018, and even though the doors aren’t closed yet, this retailer might not survive to see the end of 2019.Next: Fashion flop2. Bebe closed all its physical locations.
Ethan Miller/Getty ImagesWhat to know: Spent $65 million to ditch physical retail spaces.Bebe planned to close a handful of stores, and that turned into a total exit from physical retail spaces. Breaking the leases cost roughly $65 million, according to, and even though it saves money in the long run, it might not help. Saving money on rent helps the bottom line, but slowing sales make Bebe one of the struggling American companies.Next: Knick-knacks aren’t good for business.3. Several factors are making life tough for The Container Store. The Container StoreWhat to know: Layoffs boosted earnings, but that won’t help in the long run.We can pinpoint three reasons The Container Store is one of the struggling American companies:.
First, you can find storage bins and ers in most department stores and online, so people don’t need a store dedicated to those products. Also, as people and streamline their stuff, they don’t need more storage solutions.
Finally, massive layoffs are part of the reason the company turned a profit in 2017, according to. Cutting staff is not a sustainable plan for any retailer.Next: It’s only a matter of time.5. Fitbit needs a major innovation to survive. Sajjad Hussain/AFP/Getty ImagesWhat to know: Fitbit needs a major innovation to keep up in the wearable tech space.The improvements with each generation of the aren’t helping Fitbit’s cause.
Experts at say it’s unlikely the company will turn a profit any time soon, and it’s going to be burning through its cash reserves in the meantime. That’s not a good combination, which is one reason why it’s one of the struggling American companies.Next: A small fish in a big pond might not survive much longer.6. Fred’s Pharmacy. Upheaval isn’t helping GNC. Raysonho/Open Grid Scheduler/Grid Engine/Wikimedia CommonsWhat to know: Three CEOs in two years and shrinking sales hurt GNC.No matter how you look at it, GNC is one of the dying retail stores that might not survive much longer. The company had three CEOs leading the way over a two-year span. Revenue dipped more than 3% in 2017, and sales declined through 2018.
A in the company is promising, but GNC has a terrible Credit Risk Monitor score that pegs the chance of bankruptcy at up to 50%.Next: Heading in the wrong direction.8. GoPro is one of the struggling American companies, as its stock price show. Josh Edelson/AFP/Getty ImagesWhat to know: GoPro stock prices are plummeting.We discussed Fitbit and it issues a few minutes ago, and GoPro suffers the same problems. The company’s products aren’t drastically different from what it offered a few years ago, and competitors are covering the same ground just as well.
Add in flat profits and (from more than $93 a share in 2014 to less than $7 in late 2018), and you can see why it’s a struggling American company heading in the wrong direction.Next: A low-profile company that’s in trouble.9. Immunomedics is banking on one product to save the bottom line. Gorodenkoff/iStock/Getty ImagesWhat to know: This pharmaceutical company is banking on one major product.Immunomedics maintains a low profile compared to some of the other companies on our list, but it’s in just as much trouble. It’s burning through $30 million in cash each quarter, according to, and stockholders are on the hook for a large part of the losses.The worst part, however, is Immunomedics selling the royalty right for one medication in the hopes it can fund development of another product and make money from that. It’s a risky gamble that might not pay off for the company.Next: This is one of the struggling American companies, but there’s a silver lining.10. Crew is a struggling retailer, but there’s a silver lining.
Spencer Platt/Getty ImagesWhat to know: The brand had $2 billion in debt on the books in 2017.No matter what it does, J. Crew remains one of the. It had in 2017 after it attempting to go upscale, but the silver lining is in the second quarter of 2018, declining sales flattened out, and operating losses were negligible. Plus, the Madewell brand owned by J. Crew is raking in the money like never before. Crew might not survive through 2019, at least not the way we know it now.Next: An established department store is one of our struggling American companies.11.
Neiman Marcus. Neiman Marcus is well established, but its finances are a mess. Eric Broder Van Dyke/iStock/Getty ImagesWhat to know: Its debt load and sales are virtually the same.Neiman Marcus opened in 1907, so there’s no doubt it’s a well-established retailer. Unfortunately, it’s also one of our dying retailers. Aside from the fact it’s, a because of Neiman’s $4.9 billion worth of debt.
The debt is greater than the declining sales that totaled $4.7 billion in 2017, which is why we classify it as one of the dying retail stores.Next: You might not recognize this company in a few years.12. Office Depot.
If Office Depot survives 2019, then it’s going to look a lot different. Joe Raedle/Getty ImagesWhat to know: Office Depot is shifting its strategy from retail to services.This company’s retail sales keep declining, so it’s no stretch to say it, at least in the form we know it. Business-to-business services, such as IT, accounting, marketing, and legal advice, account for roughly 14% of the sales, a number that’s likely to grow. In a few years, you won’t recognize Office Depot unless you’re shopping for services to help your business.Next: A presidential policy is making life tough for this company.13. Thanks to tariffs, Pier 1 is one of the struggling American companies who might not last long. Tim Boyle/Getty ImagesWhat to know: Pier 1’s net losses are nine times higher in 2018.Selling home goods is a tough way to carve out market space, what with Target, Walmart, and other mammoth retailers doing the same thing.
However, tariffs in aren’t helping either. Are subject to the 10% tariff. Put it together, and that’s how increased from $3 to $28.5 million midway through 2018.
Unless the company puts it all together, it’s one of the struggling American companies that might not see the end of 2019.Next: A company with $950 million in debt.14. Winn-Dixie’s parent company owns a lot of debt. PCHS-NJROTC/Wikimedia CommonsWhat to know: Thin profit margins make it hard to wipe out $1 billion in debt.You might not know, but you might know some of the struggling American companies under its umbrella. The company operates stores such as Bi-Lo, Winn-Dixie, and Fresco y Mas. The private company carries $1 billion in debt, and it explored bankruptcy in 2017 to refinance those obligations, according to.
Grocery stores operate with some of the slimmest margins, so overcoming that kind of debt is easier said than done.Read more:Check out on Facebook!