: Examples of Our Work - Come Around :



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Home > About CHG > What and How > Examples of Our Work > Turn Around ... or Come About with Change

Turn Around… or Come About with Change

Eighty years of operations, over 200 employees under Unions and extremely dedicated individuals did not seem to be enough to save this Illinois Company from bankruptcy. No matter how hard they tried, they had accumulated more than $12MM in losses in 5 years. Referred to Change Group, the Owners engaged us to evaluate and recommend a proper course of action, ranging from restructuring to outright liquidation.

High debts, vendors refusing to supply materials, critical orders severely behind schedule triggering monetary penalties were just few of the problems.

When Time is Really of Essence

Surprises never come announced: the bank loan was defaulting the week following our engagement. With factory and offices as collaterals, it would have been the end for this 80 years old client. They could not afford it and we could not let it happen.

Our initial business analysis identified the most critical factors and assessed the employees’ morale as well as their willingness to play one of the most important parts in our restructuring efforts. Our Emergency Management practice provided all the necessary resources and tools to cope with the situation.

Coming About

We immediately assumed full responsibility for P&L, HR and Business Process Re-engineering as well as joint responsibility, with the CEO, for Corporate Financing, Corporate Acquisitions, Mergers and Strategic Alliances.

Today, the employees, the vendors - about 350 with outstanding payables at the time of our engagement, and the clients – approximately 30% private sector and 70% government sector – are satisfactorily working with the company, which has tuned profitable and grown into one of the leading reflective sheeting manufacturers in the market.