Appendix D. Epilogue
As the case studies demonstrate, turnarounds are not permanent and circumstances can change quickly. Since this book first was published by the FEI Research Foundation in early 2001, three significant company changes have occurred:
Ames Department Stores, Inc. filed for Chapter 11 protection and announced a decision to close 47 of its 452 stores on August 16, 2001. After performing relatively well in 1999, Ames faced a difficult retailing environment in 2000 and 2001. The problem was compounded by the additional debt the company took on in 1999 to acquire Hills Stores. On its website, www.amesstores.com, management makes the following statement: “Ames’ base of more than 400 stores will remain open while we reorganize. Through ...
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