Managing a business turnaround at a textile manufacturing company : a case study approach.
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This study explores how a business turnaround was managed successfully at a firm within the textile manufacturing industry. The internal problems/ limitations and external challenges that the firm faced during its business decline are highlighted, as well as the functional level strategies that the firm implemented in order to arrest and then reverse the decline. A case study approach was adopted in order to understand and analyse the business turnaround. The need for studying the turnaround process is warranted as a number of firms in the clothing and textile manufacturing industry that attempt a business turnaround eventually experience greater levels of business decline and close down. The major empirical findings of the study undertaken reveal that certain key operational and strategic enablers were identified and utilised in order to effect a successful business turnaround. Some of these enablers have been developed into core competences which the firm is leveraging to create a sustainable competitive advantage in its chosen high value niche markets.