Peter Feigenbaum
Talent Leader & Director, Other Professionals
Peter Feigenbaum has more than 30 years of experience in retail performance improvement, turnaround, and restructuring services across a wide variety of companies and industries.
William Snyder
Senior Managing Director | Partner, Partners
With executive and entrepreneurial experience spanning close to 40 years, William Snyder has restructured, managed, and guided a multitude of companies in a wide variety of industries.
- Created revised purchasing plan
- Developed a bricks and clicks segment strategy
- Inventory management improvement plan
The client is an omnichannel mall retailer with several hundred stores across North America. Several years of declining sales led to 300+ stores closings while the online business grew to approximately 1/3 of the sales. The CR3 team took four weeks to complete an assessment and issue a report to management. Utilizing a revised purchasing plan, the client successfully met sales goals for the season. CR3 followed up with a segment analysis which revealed a potential strategic plan for a bricks and clicks strategy that had not been previously explored, developed a detailed plan around the improvement of inventory management, and oversaw pursuit of these plans.
The Situation
- Omnichannel mall retailer with several hundred stores across North America - specializes in personalized gifts and engraving
- Several years of declining sales led to 300+ store closings, though online business was robust and had grown to approximately 1/3 of the sales
- Major consulting firm assisted in a complete restructuring of operations and the balance sheet, yet one year after the restructuring, the downward trend had not been reversed and in some areas had accelerated
The Work
- Financial Advisor
- Performed assessment of liquidity, current year business plan, evaluated store, merchandise and promotional initiatives, inventory productivity, marketing efficiency and segment profitability
- Completed four-week assessment and issued a report to management which contained findings, conclusions, recommendations and milestones
- Client went on to implement most of the recommendations with the approval of the Board of Directors
The Results
- Utilizing the revised purchasing plan, client successfully met sales goals for the season
- CR3 followed up with a segment analysis which revealed a potential strategic plan for a bricks and clicks strategy that had not been previously explored
- CR3 developed a detailed plan around the improvement of inventory management and oversaw pursuit of the plan
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