There is plenty of advice a brand should heed when moving through the bankruptcy process. Bringing on outside advisers, staying honest with your lenders and suppliers, and timing the process appropriately are all ways to make sure the bankruptcy business goes as smooth as possible. But the role of the CEO through bankruptcy is ultimately the one that can best determine how strong the brand can grow after the process.
“First and foremost, the CEO’s role in a bankruptcy is to protect the core of his or her business,” says Mike Best, chief operating officer of the U.S. branch of the Canadian-based Boston Pizza. “The CEO may not be 100 percent responsible for salvaging the brand, but he’s at least 90 percent of the equation.”