Many businesses, companies and entrepreneurs have made it big in today’s highly competitive world. But not all companies have had it easy, many companies fail. But did you know that there are few companies that were left to die but still survived?
Here are five companies that have made surprising comebacks after most people had written them off.
In 2001, after decades of domination as a reputed household name, Polaroid filed for bankruptcy. The company was written off by many, as it was believed that Polaroid would not survive in the age of digital photography as smartphone cameras and SLRs would outshine them.
Contrary to many predictions, Polaroid continued to survive. Taylor Swift recently announced she would offer Polaroid photos for free to fans who purchase her album on disk. The company recently debuted its Cube, a tiny camera, capable of taking pictures and HD video recording.
Image Credit: Polaroid Cube
#2 Best Buy
The likes of Amazon and other retailers were long expected to end the business of Best Buy. There was a time when shoppers ignored Best Buy to make purchases online. The changing pattern had already brought an end to Tweeter and Circuit city and it was believed that Best Buy would suffer the same fate.
However, the growing demand for larger televisions kept Best Buy alive. This is one product that people did not prefer buying online. Investors are not very confident about the company but Best Buy lives on.
Image Credit: Best Buy
#3 J.C. Penney
Image credit: businessweek
After the disastrous policies of former CEO – Ron Johnson, J.C. Penney’s future was uncertain. The company has reported good sales recently, thanks to promotional events and its focus on in-house brands.
The newly elected CEO in 2013 –Myron Ullman, had a new bag of tricks. He focused more on promotions and favored low-pricing on everyday deals. He also voted for fancier brands and the results showed up. Today, Penney is generating more income from sales than operations, something that attracted the investors too.
Image Credit: J.C. Penney
TiVo is the pioneer of the digital video recorder. When it started, many people believed that it would never compete against the likes of DirecTV, Comcast and other satellite and cable providers. TiVo took a U-turn by forming business relationship, instead of taking on the rivals. The result – its subscriptions increased by 33% and revenues grew by 12%.
Today this company continues to ‘WOW’ its customers with products like the new TiVo Mega box, which boasts 24 TB recording space. As a result of continued innovation shares have done exceedingly well in the past year.
Image Credit: TiVo Mega Box
Avon shares have plunged to a 52-week low due to many factors like the resigning of the company’s CFO. Allegations of Avon’s involvement in bribery in China, did not help the company’s cause. Avon agreed to pay compensation of $135 million to resolve the issue. The company is now focusing on reviving its business with an emphasis on e-commerce and technology, but its revenues have never stopped tumbling.
Many analysts still have great faith in the company. They believe that the brand is very powerful and is doing business on a global market, unlike other cosmetic brands. Avon continues to win the confidence and do business.
Image Credit: Avon
The story of the five companies mentioned above is a lesson to investors, analysts, entrepreneurs and many others involved in business. Ups and downs are part of any business. However, you must never write them off until you have really seen the end. No matter whether you are an investor, a businessman or an employee, you must have faith on your company. Faith and confidence can do wonders even to a diminishing business.
Image Credit: Graveyard