A turnaround can have many faces. When companies get into financial difficulties or when entrepreneurs miss out on timely succession planning, a turnaround is sometimes the last option.
Turnaround for top brands
Even top brands are coming under economic pressure and there are many recent cases that have been saved from insolvency. Not always successfully. Here are a few examples:
- NokiaThe Finnish cell phone brand became known worldwide in the 1990s. In 2014, however, Nokia sold its cell phone division to Microsoft. In the meantime, however, Nokia has pursued a new strategy and is active in the areas of network technology and telecommunications infrastructure.
- Junghans watchesThe German watch brand Junghans was taken over by the Swiss watch company EganaGoldpfeil in 2008 after filing for bankruptcy. Today, Junghans is once again a successful brand and produces high-quality watches.
- Horten: The Horten department store chain was once one of the largest retail chains in Germany. Following its insolvency in 1994, it was taken over by the Metro Group and transformed into Galeria Kaufhof renamed. Since the merger with Karstadt Warenhaus GmbH and the subsequent takeover by Signa Holding the company is known as Galeria Karstadt Kaufhof GmbH - and is currently undergoing insolvency proceedings.
- MärklinThe German model train brand Märklin had been in financial difficulties since 2009. In 2013, however, the company was taken over by an investor and was able to continue production.
- ZewaThe Zewa brand belongs to the paper manufacturer SCA and was threatened with insolvency in the 1990s. However, SCA was able to save the brand and has successfully developed it ever since.
- Hakle: Due to rising energy costs and energy-intensive paper production, the company made the headlines at the end of 2022 when it filed for insolvency. The Italian company Sofidel has secured the brand rights to the products of hygiene paper company Hakle. The fresh money will be used to maintain the plant in Düsseldorf-Reisholz.
This list is of course not exhaustive, but it gives an impression that it is quite possible to revive a brand after insolvency and continue to run it successfully.
Agile assessment as a starting point
How agile and capable of change is your company? How well prepared is your company for weak markets and upcoming succession? An assessment of your current starting position can also be a good start for you.
If you find this topic interesting, then read our next post:
Or start with our previous post from the "Missed change" series: Agile organization as a model for success
Source information (from 26.04.2023)
Internet search engines and Wikipedia as well as the websites of the named companies served as sources for the research.
