Project Description

Issue

  • Banks set to pull loan commitment
  • Dysfunctional management
  • Inventory and cash issues
  • Dramatic net worth decline

Businesses Challenged

  • Johnston & Murphy
  • Jarman
  • Journeys
  • Perry Ellis / Grief (Men’s Suits)
  • Mitre (Soccer)
  • Toddler U
  • Laredo (Cowboy Boots)
  • Volunteer Leather
  • Dockers Footwear license

Solution

  • Sold Mitre, Grief and Toddler U
  • Repositioned Journeys and Johnston & Murphy
  • Cut costs and changed organizational structure
  • Reworked “can’t win” culture quickly
  • Changed anger and frustration to high energy and motivation through involvement
  • Metrics and accountability

Result — Consumer Goods Business Transformation

  • Stock rose from below $2 to over $15 in 30 months – a 24 year high; company strong today
  • Journeys is a dominant teen shoe chain
  • Johnston & Murphy is a premium men’s shoe line