Word: turnaround
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Dates: during 2000-2009
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...Ford Restructuring Carmaker may ditch Bond's ride Sorry, 007. In an effort to speed up its turnaround, Ford said last week that it may sell off its Aston Martin unit. The ailing carmaker plans to cut 34,000 jobs and close 14 plants...
Heinz Krogner, Chief Executive of clothing designer and retailer Esprit, is one of the world's great turnaround artists. A decade ago, Esprit was a declining casual-clothing business. But Krogner rebuilt Esprit into one of the fastest-growing apparel retailers. Sales in the past fiscal year, which ended in June, probably topped $3 billion, nearly triple its revenues in 2001. In those five years, Esprit's market value has increased eightfold, to more than $10 billion, roughly on a par with Limited Brands and almost twice the size of Abercrombie & Fitch...
...turnaround could go a long way toward helping Esprit maintain its frenetic pace. "Because growth rates have started to slow down, they need to get into bigger markets where their penetration is low," says Macquarie retail analyst Ramiz Chelat in Hong Kong. Hello, U.S.A. By 2002, sales had fallen to $150 million, from $700 million in 1987, according to Macquarie. Krogner got control of Esprit's American business when Ying bought the U.S. trademark in 2002. (The company is now publicly traded; Ying owned 15.8% as of the end of 2005.) As part of the acquisition, Krogner forced a shutdown...
...airport security to normal." Other airlines affected, including British Airways and Virgin Atlantic, aren't joining Ryanair in its suit. Analysts say the move reflects a vulnerability in Ryanair's business model: O'Leary has turned the Dublin-based carrier into Europe's most profitable airline by cutting airport turnaround time to a minimum to keep his planes aloft as much as possible. That means discouraging any behavior that can slow his planes down, including checking baggage. But O'Leary may have the last laugh. Unlike regular airlines, Ryanair charges a fee for each bag that is checked...
...With its key product line in deep trouble, Ford had to take some dramaticaction to salvage the turnaround plan it laid out back in January, which included plans for eliminating as many as 30,000 jobs and 14 plants, Pipas says. Ford now plans to cut its total production in the fourth quarter by more than 21%. Almost half the cuts will be concentrated at four plants where the company builds pickup trucks, says Pipas."We know th is decision will have a dramatic impact on our employees, as well as our suppliers,"William Clay Ford, the company's chairman...