Episodes
How Crocs Survived the Collapse and Became a Cult Brand
In this episode of The Turnaround Podcast, Lucas and Luna revisit Crocs' near-death experience in 2008, when the foam clog maker's stock cratered from $75 to under $1. They trace the company's unlikely revival through celebrity partnerships, a focus on comfort, and a strategy that turned mockery into loyalty. With the stock now hovering near all-time highs and revenue above $4 billion, the story offers lessons for any brand wrestling with an identity crisis. The hosts also touch on the broader…
How a Century-Old Telephone Company Survived the Smartphone Era
In this episode of The Turnaround Podcast, Lucas and Luna examine how a 120-year-old telephone company — once the backbone of American communications — managed to survive the smartphone era. They trace its journey from a regulated monopoly to a nearly bankrupt giant, and its surprising pivot into fiber-optic internet and enterprise networking. With the S&P 500 hovering near 7,786 and the Dow slipping slightly, they discuss why this company's turnaround offers lessons for any legacy business…
How Domino's Pivoted to Digital and Survived the Delivery Wars
In this episode, Lucas and Luna trace Domino's turnaround from a struggling pizza chain in 2008 to a digital-first powerhouse. They break down the 'Pizza Turnaround' campaign, the 2010 tech overhaul, and the risky but rewarding bet on GPS tracking and mobile ordering. With the broader market showing mixed signals — the S&P 500 up six-tenths of a percent over five days while the Dow slipped half a percent — they discuss how Domino's focus on same-store sales growth set a benchmark. A data point…
How a Regional Airline Survived the Pilot Shortage
In Episode 158 of The Turnaround Podcast, Lucas and Luna examine how a mid-sized regional airline — SkyWest, the largest regional carrier in North America — navigated the pilot shortage that crippled the industry from 2021 through 2024. They break down the specific moves: raising first-year pay from $20,000 to over $100,000, creating a training pipeline that bypasses the major airlines, and restructuring its fleet to align with pilot availability. With the industry now stabilizing in 2026, they…
How a 100-Year-Old Toaster Maker Survived the Air Fryer Era
In this episode, Lucas and Luna dive into the surprising turnaround of a century-old kitchen appliance company that faced extinction when air fryers took over. We trace how the brand, once known for its iconic toasters, reinvented itself by leaning into premium, retro-chic design and smart home integration. Along the way, we break down the strategy behind its revival, from product line rationalization to a bold bet on direct-to-consumer sales. We also touch on the current market environment…
How a 60-Year-Old Toolmaker Survived the Cordless Revolution
When Milwaukee Electric Tool launched the M18 cordless platform in 2005, it looked like a gamble that could sink the company. But by betting on lithium-ion batteries and job-site durability, Milwaukee not only survived the cordless revolution — it turned into one of the fastest-growing toolmakers in the world. In this episode, Lucas and Luna unpack the strategy behind that turnaround, from the early lithium-ion failures to the M18's 'one battery fits all' bet, and how they beat legacy rivals…
How a Century-Old Casket Maker Survived the Deathcare Disruption
In this episode of The Turnaround Podcast, Lucas and Luna examine the unlikely revival of Batesville Casket Company, the 130-year-old casket manufacturer that faced near-extinction as cremation rates climbed past 60 percent in the U.S. by the mid-2020s. With annual casket sales dropping by double digits, Batesville had to reinvent itself — not by fighting the trend, but by becoming a major player in cremation services, acquiring funeral home software, and even investing in 3D-printed urns. The…
How Nintendo Survived the Mobile Gaming Invasion
In this episode of The Turnaround Podcast, Lucas and Luna examine how Nintendo, a 130-year-old company, defied the mobile gaming boom and rebuilt its empire. We trace the story from the Game Boy era through the failed Wii U, the surprising success of Pokémon GO, and the strategic pivot to the Nintendo Switch—a hybrid console that blended home and handheld gaming. We explore how Nintendo resisted the lure of mobile, doubled down on its intellectual property, and created an ecosystem of beloved…
How a 120-Year-Old Watchmaker Survived the Smartwatch Era
In this episode of The Turnaround Podcast, Lucas and Luna examine how a legendary Swiss watchmaker, founded in 1903, navigated the existential threat of smartwatches. With sales plummeting and the industry in freefall, the company bet on heritage, craftsmanship, and a controversial pricing strategy. We break down the numbers: a 40 percent drop in exports, a bold pivot to mechanical movements, and how they turned a generation of screen-addicted consumers into watch enthusiasts. Along the way, we…
How a 130-Year-Old Camera Maker Survived the Smartphone Era
In this episode of The Turnaround Podcast, Lucas and Luna explore how a 130-year-old camera manufacturer—once on the brink of irrelevance—reinvented itself by betting on the high-end mirrorless market and embracing its heritage. Through a detailed look at the company's strategic pivot, financial restructuring, and unexpected cultural resurgence, the hosts unpack the lessons for any business facing digital disruption. With the S&P 500 up 3 percent over the past five days and hedge funds taking a…
How a Family-Owned Dairy Co-op Survived the Plant-Based Milk Boom
In this episode of The Turnaround Podcast, Lucas and Luna explore how a 60-year-old family-owned dairy cooperative weathered the plant-based milk revolution. With sales of oat and almond milks surging, the co-op faced a choice: double down on traditional dairy or pivot. The answer lay in an unlikely move—investing in a niche, high-margin product line that competitors had ignored. We break down the numbers: how the co-op's revenue dipped 12 percent in 2023, then rebounded to record levels by…
How a Century-Old Steel Mill Survived the Ruin of Cheap Imports
In this 150th episode of The Turnaround Podcast, Lucas and Luna drill into a case that doesn't get enough airtime: a 100-year-old specialty steel mill in the US Midwest that nearly went under in the 2010s, when cheap imported steel and a brutal price war looked terminal. The mill — call it Great Lakes Specialty Steel, a real composite of several survivors — was losing money on every ton, had a pension obligation that dwarfed its market cap, and faced a choice: liquidate, or find a niche that…
How a 100-Year-Old Movie Studio Survived Two Pandemics
In this episode of The Turnaround Podcast, Lucas and Luna explore how a century-old movie studio — one of the last independent majors — survived the double disruption of the 2020 pandemic and the streaming wars that followed. They drill into the studio's decision to double down on theatrical exhibition, its bet on premium large formats, and how it turned a near-death experience into a new business model. With the S&P 500 hovering near record highs and the Nasdaq up 4.3 percent over the past…
How a 40-Year-Old Fast-Food Chain Turned Around with Better Burgers
In this episode of The Turnaround Podcast, Lucas and Luna explore how a 40-year-old fast-food chain, once left for dead by analysts and customers alike, executed a stunning turnaround by betting on better burgers and a smarter digital strategy. We break down the specific operational changes—from revamping the supply chain to rolling out a loyalty app that actually works—and how they managed to win back market share in an industry dominated by bigger players. Along the way, we look at the…
How a 100-Year-Old Shoe Brand Survived the Sneaker Era
For over a century, Allen Edmonds was the gold standard of American dress shoes. Then sneakers and athleisure gutted the market, and a private equity rollercoaster left the brand flailing. On this episode, Lucas and Luna dig into how a heritage shoemaker with 70 retail stores and a factory in Wisconsin found a path back — by leaning into resale, custom fits, and a direct-to-consumer bet that cost them half their retail footprint. We break down the numbers: the collapse of formalwear demand, the…
How a 150-Year-Old Home Security Company Survived the Smart Home Revolution
ADT, the iconic home security company founded in 1874, faced near-extinction as smart home startups like Ring and SimpliSafe captured the market. In this episode, Lucas and Luna trace ADT's turnaround: how it partnered with Google, invested in AI-powered cameras, and restructured $16 billion in debt to emerge as a modern security provider. They discuss the lessons for legacy companies staring down digital disruption, and how ADT's stock has more than tripled from its 2023 lows. A masterclass in…
How Adobe Turned Around by Betting on the Cloud
In this episode of The Turnaround Podcast, Lucas and Luna dive into Adobe's remarkable transformation from a fading boxed-software giant to a cloud subscription powerhouse. Starting in the late 2000s, Adobe bet its entire future on the Creative Cloud, a risky move that initially spooked investors and sparked backlash from loyal customers. But the pivot paid off: recurring revenue soared, the company gained pricing power, and it fended off threats from free tools like Canva and open-source…
How Best Buy Beat the Amazon Threat
Best Buy was written off as a victim of 'showrooming' in 2012 — customers browsed its stores and bought on Amazon. Then a French turnaround specialist named Hubert Joly took the helm. This episode unpacks how Best Buy survived and thrived by matching prices in real time, investing in staff expertise, and leaning into services like Geek Squad. Ten years later, with the Fed holding rates steady and the S&P 500 near all-time highs, Best Buy stands as a case study in operational resilience. We walk…
How Lego Rebuilt Its Empire from the Brink of Bankruptcy
In 2003, Lego was losing more than a million dollars a day. The iconic toy maker had over-expanded into too many product lines, saddled itself with debt, and nearly collapsed. But under new leadership and a radical restructuring, they cut their number of pieces from 13,000 to 7,000, doubled down on the classic brick, and signed pivotal licensing deals with Star Wars and Harry Potter. Within a decade, Lego became the world's largest toy company. In this episode, Lucas and Luna break down the key…
How a Century-Old Department Store Survived Bankruptcy and Came Back
J.C. Penney, founded in 1902, filed for Chapter 11 in 2020 amid the pandemic and crushing debt. Today, under new private equity ownership, it's executing a quiet turnaround: closing unprofitable stores, investing in private brands, and revamping its e-commerce platform. In this episode, we break down the specific moves—store count reduction, debt restructuring, and real estate monetization—that have helped the retailer stabilize sales and eke out modest profits. We'll also discuss why legacy…
Goodyear's Turnaround in the Age of Electric Vehicles
Goodyear Tire & Rubber was founded in 1898 and by 2020 it was a company in distress: $8 billion in debt, declining market share, and a business model built for the internal combustion engine. Then the electric vehicle revolution accelerated, and Goodyear bet the company on it. Lucas and Luna walk through Goodyear's restructuring — plant closures, a pivot to EV-specific tires, and a bet that the shift to electrics would create new demand rather than destroy it. They discuss how the company cut…
How AMD Battled Back from the Brink
In this episode of The Turnaround Podcast, Lucas and Luna examine how Advanced Micro Devices went from near-bankruptcy in 2014 to resurgent rival against Intel and Nvidia. They explore CEO Lisa Su's decisive strategy shift—abandoning the low-end commodity chip market to bet everything on a new architecture called Zen. The hosts walk through the company's darkest days: market cap below $2 billion, heavy debt, and the loss of a manufacturing edge. They highlight key moves like spinning off…
How a 30-Year-Old Chain Survived a Food Scare
In 2015, Chipotle Mexican Grill was the darling of fast-casual dining—until a string of foodborne illness outbreaks sickened hundreds and sent its stock crashing more than 40 percent. This episode of The Turnaround Podcast examines how the burrito chain rebuilt trust, clawed back customers, and emerged stronger, all while facing new threats from delivery apps and changing tastes. Hosts Lucas and Luna dig into the specific operational changes CEO Brian Niccol implemented, from centralizing food…
How Herman Miller Survived the Remote Work Collapse
Lucas and Luna walk through a half-empty office floor and explore how Herman Miller, the 40-year-old maker of the iconic Aeron chair, survived the remote work revolution. After office demand collapsed during the pandemic, the company merged with Knoll, slashed costs, and pivoted to home offices and healthcare furniture. With commercial real estate still struggling and office occupancy rates hovering around 50 percent, Herman Miller’s turnaround offers lessons in agility and brand loyalty. The…
How a 50-Year-Old Cruise Line Survived Record Debt
Carnival Corporation emerged from the pandemic with over $30 billion in debt. In this episode, Lucas and Luna trace how the cruise giant avoided bankruptcy through aggressive refinancing, fleet sales, and operational restructuring, while fighting headwinds from fuel costs and geopolitical tensions. A deep dive into a classic turnaround story still playing out in July 2026, with the Dow above 50,000 but small caps lagging, and a look at what the rest of the industry—Royal Caribbean…
How Domino's Pizza Beat the Delivery Apps at Their Own Game
In this episode of The Turnaround Podcast, Lucas and Luna explore how Domino's Pizza transformed from a struggling brand with cardboard crust into a tech-driven delivery powerhouse. They focus on Domino's decision to resist partnering with third-party delivery apps like Uber Eats and DoorDash, instead investing in its own logistics and digital ordering. With the S&P 500 near 7,400 and GDP growth at 2.1%, they discuss how Domino's fortressing strategy and supply chain innovation created a…
How Imax Defied Digital Disruption and Became Blockbuster Cinema
Imax is in the spotlight again thanks to Christopher Nolan's 'The Odyssey', but 20 years ago the company was on the brink of bankruptcy. This episode traces how Imax went from a $1 billion debt hole to a global premium cinema powerhouse. We look at the key decisions: ditching its proprietary film-based model for digital projection, forging critical partnerships in China, and repositioning itself as the ultimate destination for event movies. The turnaround is a masterclass in betting on the…
How a 50-Year-Old Toy Brand Survived the Digital Play Invasion
In this episode of The Turnaround Podcast, Lucas and Luna explore how a fifty-year-old toy company, PlayCo, reinvented itself after digital gaming nearly wiped out physical play. In 2023, the company faced a 40% revenue drop as kids migrated to tablets. But instead of dying, PlayCo doubled down on hybrid play — physical toys with digital components. Lucas breaks down the three key moves: licensing nostalgic IP, launching an augmented-reality playset that pairs with a smartphone app, and…
How a 70-Year-Old Guitar Maker Survived the Digital Age
Lucas and Luna explore how Fender, the iconic electric guitar company founded in 1946, nearly collapsed in the early 2010s and staged a remarkable turnaround. We trace the crisis: declining guitar sales, a debt load from private equity ownership, and a generation that preferred screens to six strings. Then the pivot: a renewed focus on beginner-friendly products, digital learning apps like Fender Play, and a direct-to-consumer strategy that rebuilt relevance. We connect this to today's market…
How a 40-Year-Old Vinyl Record Plant Survived the Streaming Era
In this episode of The Turnaround Podcast, Lucas and Luna dive into the unlikely survival story of a mid-sized vinyl record pressing plant that faced near-closure during the rise of streaming. As music consumption shifted to digital, the plant struggled for a decade before betting on the audiophile and collector niche. Now, with vinyl sales surpassing CDs in 2025 and the plant running at capacity, they explore how a pivot to premium quality and limited editions saved the business. Along the…
How a 30-Year-Old Craft Brewery Survived the Hard Seltzer Invasion
In this episode, Lucas and Luna unpack the turnaround of a mid-sized regional craft brewery that faced near-collapse when hard seltzer and ready-to-drink cocktails stole 12% of beer's market share between 2020 and 2025. The brewery in question, founded in 1996 in Portland, Oregon, saw its core IPA sales drop by 40% in two years. They explore how the founders resisted the seltzer trend, doubled down on barrel-aged stouts and local taproom experience, and renegotiated distribution contracts to…
How a 60-Year-Old Book Publisher Survived the Amazon Era
In this episode of The Turnaround Podcast, Lucas and Luna examine how W. W. Norton & Company, a 100-year-old independent publisher, navigated the rise of Amazon, e-books, and the decline of brick-and-mortar bookstores. With a focus on their 2023 decision to acquire the bookstore chain BookPeople in Austin, Texas, the hosts explore how Norton bucked industry trends by investing in physical retail and direct-to-consumer sales. They discuss the financial logic behind the move, the role of…
How a 50-Year-Old Magazine Survived the Digital Ad Collapse
In this episode, Lucas and Luna examine how a 50-year-old niche magazine, The American Scholar, survived the collapse of print advertising and the shift to digital. They focus on the magazine's pivot to a membership model, doubling its reader revenue between 2020 and 2025. Lucas explains how the publisher leaned into a loyal, high-engagement audience rather than chasing scale, and how that strategy insulated them from the broader ad market downturn. Luna brings in data on the decline of print…
How a 50-Year-Old Tool Maker Survived the Cordless Revolution
In this episode of The Turnaround Podcast, Lucas and Luna explore how a 50-year-old traditional tool manufacturer—think drills, saws, and wrenches—managed to survive and eventually thrive as lithium-ion batteries and brushless motors upended the industry. They focus on the specific case of Milwaukee Tool, a brand that was considered a second-tier player in the 1990s until its parent company, Techtronic Industries, made a bold bet on cordless technology. Lucas explains how Milwaukee invested…
How a 60-Year-Old Winery Survived the Climate Crisis
In this episode of The Turnaround Podcast, Lucas and Luna explore how a 60-year-old family winery in California's Napa Valley transformed its business to survive the climate crisis. With rising temperatures and drought threatening traditional grape varieties, the winery pivoted to heat-tolerant grapes, invested in water recycling technology, and launched a direct-to-consumer subscription model. Lucas shares specifics: the winery's 40% reduction in water usage, the shift from Cabernet Sauvignon…
How a 50-Year-Old Specialty Chemicals Firm Survived the Green Transition
In this episode of The Turnaround Podcast, Lucas and Luna examine how a 50-year-old specialty chemicals company in Germany survived the green transition. As global regulations tightened and customers demanded sustainable alternatives, the firm faced existential pressure. Instead of pivoting to biobased inputs immediately, they invested in a proprietary recycling process for industrial solvents, cutting their carbon footprint by 40 percent within three years. Lucas breaks down the turnaround…
How One 40-Year-Old Snack Maker Survived the Health Food Boom
The snack aisle has been gutted by better-for-you brands, but one legacy company—Snyder's-Lance—didn't just survive; it pivoted. In this episode, Lucas and Luna break down how a decades-old pretzel and cracker manufacturer remade its product line, supply chain, and marketing to compete with upstarts like Hippeas and Bada Bean Bawdy. They dig into the specific numbers: the company's shift from 70 percent commodity snacks to 60 percent better-for-you options over five years, the acquisition of…
How a 70-Year-Old Watchmaker Survived the Smartwatch Wave
In this episode of The Turnaround Podcast, Lucas and Luna explore how a 70-year-old Swiss watch brand navigated the rise of smartwatches without abandoning its mechanical heritage. The focus is on the specific decision to double down on in-house movements and limited-edition collaborations with artists — a bet that paid off as the luxury watch market rebounded. Lucas shares how the brand's CEO, a third-generation watchmaker, refused to enter the smartwatch category, instead investing in a new…
How a 60-Year-Old Hardware Chain Survived the Big Box Apocalypse
Episode 123 of The Turnaround Podcast examines how True Value, the 60-year-old hardware cooperative, survived decades of competition from Home Depot and Lowe's. Lucas and Luna break down the specific financial structure that kept 4,500 independent stores alive — the wholesale dividend model, the avoided debt trap, and a surprising pivot to contractor services in 2023 that boosted same-store sales 5.4 percent. Along the way, they tie the story to the current market: the S&P 500 sitting at 7,458…
How a 40-Year-Old Tape Maker Survived the Digital Collapse
In this episode of The Turnaround Podcast, Lucas and Luna explore how a 40-year-old manufacturer of adhesive tape reinvented itself after Amazon and digital workflows decimated its core office-supply business. The company: Tesa, a subsidiary of Beiersdorf, which in 2020 faced a 30% revenue drop in its office tape division as remote work became permanent. Rather than diversify broadly, Tesa doubled down on adhesive technology itself—shifting into electric vehicle battery assembly, medical-grade…
How a 100-Year-Old Department Store Survived the Mall Apocalypse
In this episode of The Turnaround Podcast, Lucas and Luna examine the remarkable survival of Hudson's Bay Company—a department store chain founded in 1670—through the collapse of American mall traffic. Using the recent closure of 40 Saks Off 5th locations in 2025 as a case study, they unpack how the retailer pivoted from a struggling mall anchor to a profitable e-commerce and off-price powerhouse. Lucas explains the 'store-as-warehouse' strategy that turned empty floor space into fulfillment…
How a 50-Year-Old Coffee Company Survived the Third Wave
In this episode, Lucas and Luna examine how a fifty-year-old coffee company—let's call it 'RoastCo'—navigated the craft coffee revolution that threatened to make legacy brands irrelevant. With the S&P 500 down 0.7% this week and a softening economic outlook, they look at RoastCo's bet on single-origin sourcing, its $200 million supply chain overhaul, and the trade-off between volume and margin. They also touch on how the company used direct-to-consumer subscriptions to recapture lost market…
How a 70-Year-Old TV Maker Survived the Streaming Revolution
In this episode of The Turnaround Podcast, Lucas and Luna examine how a 70-year-old television manufacturer managed to survive the cord-cutting revolution that decimated the traditional TV industry. They focus on the company's pivot from hardware to software, embedding smart TV operating systems that generate recurring revenue. The conversation is anchored in the current market context of July 2026, with the S&P 500 at 7,534 and a backdrop of geopolitical tensions affecting supply chains. The…
How a 70-Year-Old Camera Lens Maker Survived the Smartphone Era
Episode 118 of The Turnaround Podcast: Lucas and Luna examine the remarkable recovery of a 70-year-old Japanese lens manufacturer that was nearly wiped out by the smartphone camera revolution. In 2015, the company lost its dominant position as compact camera sales collapsed by 70 percent. But by 2025, it had pivoted to supplying high-end lenses for cinema, medical imaging, and even the booming prediction market infrastructure, achieving 12 percent revenue growth and a 15 percent operating…
How a 70-Year-Old Camera Lens Maker Survived the Mirrorless Transition
In this episode of The Turnaround Podcast, Lucas and Luna examine how a 70-year-old camera lens manufacturer survived the industry's seismic shift from DSLRs to mirrorless cameras. They focus on Sigma, the Japanese optics company that bet big on a new lens mount standard (L-Mount) and invested heavily in manufacturing precision—a gamble that paid off as the mirrorless market grew 40% year-over-year. Lucas explains how Sigma's decision to open its lens protocol to competitors, rather than…
How a 90-Year-Old Insurance Company Survived the Climate Crisis
Episode 116 of The Turnaround Podcast explores how a 90-year-old property and casualty insurer, The Hartford, navigated the climate crisis. Lucas and Luna discuss the company's shift from risk avoidance to risk engineering, its decision to invest in climate data modeling, and how it turned a existential threat into a competitive advantage. They reference today's market context, including the S&P 500 at 7,570 and recent inflation signs, to frame the urgency of adaptation. The episode dives into…
How a 40-Year-Old Bicycle Brand Survived the E-Bike Revolution
In this episode of The Turnaround Podcast, Lucas and Luna explore how a 40-year-old bicycle brand weathered the electric bike revolution. With e-bikes surging to over 40 million units sold globally in 2025 and the broader cycling market growing at 8% CAGR, many traditional bike companies scrambled. Our focal case is a mid-market brand that faced a 30% revenue drop from 2021 to 2023 as consumers flocked to e-bikes. They bet big on in-house e-bike R&D, partnered with a battery startup, and…
How a 50-Year-Old Watchmaker Survived the Smartwatch Wave
When the Apple Watch launched in 2015, the Swiss watch industry braced for collapse. But one mid-market brand, Tissot, not only survived but grew. In this episode, Lucas and Luna examine how Tissot navigated the smartwatch disruption by leaning into heritage, precision, and a surprising partnership with a tech giant. They discuss the company's focus on quartz accuracy, its 'T-Touch' solar line, and a strategic pivot to entry-level luxury in Asia. With the S&P 500 at 7,553 and GDP growth at 2.1…
How a 50-Year-Old Watchmaker Survived the Smartwatch Wave
In episode 113 of The Turnaround Podcast, Lucas and Luna examine how a 50-year-old Swiss watchmaker survived the smartwatch disruption. They focus on the strategic pivot of Swatch Group in the 2010s, when Apple Watch sales surged past traditional Swiss watch exports by volume. The hosts discuss Swatch's counterintuitive move: instead of launching a competing smartwatch, they focused on brand heritage, limited editions, and emotional durability. Lucas connects this to broader market data, noting…
How a 40-Year-Old Toy Maker Survived the Digital Gaming Revolution
Lucas and Luna explore how a 40-year-old toy maker navigated the digital gaming revolution. This episode focuses on the specific case of Hasbro, which faced declining traditional toy sales as kids shifted to tablets and consoles. We look at how they leaned into their IP, licensing deals with game developers, and the launch of a direct-to-consumer digital platform. The hosts tie in current market data, including the S&P 500's 7,519 level and recent Fed comments on inflation, to frame the…
Showing the latest 50 episodes. The full archive of 161 is on Apple Podcasts, Spotify and every major podcast app — or via the RSS feed above.