8 Iconic Brands That Pulled Off Incredible Comebacks After Bankruptcy

Think comebacks are just for athletes and celebrities? Think again. Some of the most remarkable turnarounds in recent memory have come from major brands that went from thriving to nearly disappearing, only to defy the odds and rise again.

From tech giants like Apple to pop culture phenomena like Marvel, these companies have faced huge setbacks, but through innovation, bold decisions, and sometimes sheer determination, they have managed to make incredible comebacks.

Keep reading to learn about the iconic brands that were on the verge of failure but somehow turned it all around and emerged stronger than ever.

1. Old Spice

Back in the late 2000s, Old Spice was seen as outdated and decidedly uncool. The once-dominant Procter & Gamble brand had become less relevant to younger generations, who were increasingly drawn to competitors like Unilever's Axe (or Lynx in some regions).

Faced with declining sales and growing consumer disinterest, Procter & Gamble set out to revamp the Old Spice image. Their first step was hiring the creative agency Wieden+Kennedy in 2008, which rebranded the classic Glacial Falls deodorant as Swagger and launched a witty, interactive ad campaign.

Procter and Gamble

This initiative proved successful, and by 2010, Wieden+Kennedy’s "Smell Like a Man" campaign for Old Spice body wash became a viral hit. The brand’s appeal among millennials was solidified with surreal marketing campaigns that continued to capture the public’s attention and revived Old Spice’s once-dominant position in the market.

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2. Polaroid

Polaroid’s downfall seemed inevitable with the rise of smartphones, and the instant photography brand filed for bankruptcy in 2001. The company briefly reemerged, but it was in a constant struggle to remain relevant and declared bankruptcy again in 2008. By this time, Polaroid had already gone through six different CEOs in attempts to find a way forward.

Lady Gaga on X in 2010 (formerly Twitter)

The company’s fortunes changed when a group of Dutch enthusiasts bought the last Polaroid factory and founded The Impossible Project, which produced Polaroid film. By 2010, a new version of Polaroid was reborn, which focused on blending its classic instant photography with modern tech. They enlisted Lady Gaga as a creative director and launched new products like action cameras and iPhone-compatible printers.

In 2012, The Impossible Project merged with Polaroid, introducing "Polaroid Originals," which capitalized on the growing nostalgia for instant photography, particularly among millennials. The move proved to be a sales success, cementing Polaroid's return to the market.

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3. Marvel

Marvel’s story in the 1990s was one of despair. The comic book giant was burdened by massive debt, and its movie ventures had failed — notably, the disastrous 1986 release Howard the Duck. The comic book crash of 1993 compounded their financial struggles, leading Marvel to file for bankruptcy in December 1996.

After merging with toy company ToyBiz, Marvel faced a series of unsuccessful ventures, including the Marvel Mania restaurant. In a move that would change its future, Marvel started licensing its characters to other studios. This led to successful films like Blade (New Line Cinema), X-Men (Fox), and Spider-Man (Sony).

Marvel, however, made the bold decision to take its movie ventures in-house. The release of Iron Man in 2008 was a game-changer, bringing in $585 million at the box office. By 2009, Disney acquired Marvel for $4 billion, transforming the company into a movie powerhouse.

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4. Lego

Lego faced a severe crisis in the late 1990s and early 2000s. Sales had plunged by 40%, and the company was $1 billion in debt. The toy giant struggled to compete against rivals like Hasbro and Mattel, while its over-complicated kits were no longer appealing.

Justin Tallis

In 2004, new CEO Jørgen Vig Knudstorp was brought in to lead the turnaround. Knudstorp stripped the company back to its core, reducing the number of bricks in production and selling off non-essential assets like Legoland parks and video game businesses.

Warner Bros. Animation

He focused on customer-driven designs, collaborating with child psychologists and adult Lego fans (AFOLs). Popular lines like Ninjago and Lego Architecture helped boost sales, and from 2013 to 2016, Lego saw a remarkable 50% increase in turnover, reaching $5.1 billion. By becoming the world's largest toy manufacturer, Lego cemented its comeback.

5. Apple

In 1996, Apple was a shadow of its former self, struggling under poor management and an outdated product line. The company was on the brink of bankruptcy, but a series of events would soon change its trajectory. In that same year, CEO Gil Amelio made bold decisions to cut costs and develop a new operating system. The return of Steve Jobs in 1997 brought a much-needed overhaul.

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Jobs worked with designers like Jony Ive to develop the sleek, minimalist aesthetic that would define Apple. Apple also secured a crucial $150 million investment from Microsoft, which helped restore liquidity. Jobs introduced groundbreaking products like the iPod, iTunes, and the iPhone, bringing Apple back from the brink.

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By 2011, Apple had become the world’s most valuable company, with revenues topping $108.2 billion. It would go on to reach a market value of $2 trillion in 2020, and $3 trillion by 2022, solidifying its comeback as one of the most extraordinary corporate success stories in history.

6. Converse

Few people know that Converse, the iconic shoe brand, filed for bankruptcy in 2001. Once beloved by basketball players in the 70s and 80s, Converse lost its market share to rivals like Nike, Adidas, and Reebok during the 1990s. By the early 2000s, the brand had faded from the spotlight.

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Converse made its comeback by introducing fresh designs, launching global campaigns, and collaborating with celebrities, including Snoop Dogg. These strategies revitalized the brand, paying off its debts and leading to a return to profitability. Today, Converse generates over $2 billion annually.

7. Levi Strauss

Levi Strauss & Co., the iconic jeans maker, was struggling in the 1980s and 1990s. After closing numerous factories and retreating from the public stock market in 1985, the brand found itself deep in debt by 2004, owing $2.6 billion.

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A series of strategic partnerships, including one with Walmart, helped revitalize Levi’s. By focusing on male products and trimming unnecessary expenses, the company saw its sales climb to over $4 billion by 2007.

Spencer Platt

Levi's continued its revival by working with the NFL and bringing in a new CEO. The brand went public again in 2019, and today, Levi Strauss & Co. has a market cap of $6.99 billion.

8. Delta

Delta Air Lines, one of the oldest and most recognized airlines in the U.S., filed for bankruptcy in 2005 due to rising fuel costs and increased competition from low-cost carriers. From 2001 to 2005, Delta lost $12.3 billion, which is equivalent to almost $20 billion in today’s economy.

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Despite the downturn, Delta pulled off a remarkable turnaround by restructuring its operations and cutting 26% of its flights. By 2018, the airline had turned a profit of $5.1 billion, a stark contrast to the $71 million it made in 2007.

By 2024, Delta was considered the world's most valuable airline brand, with a market cap of over $40 billion.