These companies once dangled on the precipice of closure, but they refused to give up—instead, they reinvented themselves, effectively rising from the ashes.

The most cynical of business people may say that there is no such thing as a second chance. This maxim may certainly be true in certain respects, but even when the most cutthroat market seems to claim victims, those who show fortitude and ingenuity can pull themselves back from the brink. Case in point: these three businesses, each of which has shown that when customer backlash, rising prices, internal mismanagement, and other crises push an organization to the brink of demise, there are nonetheless opportunities to pivot from defeat and prevail despite the odds.

BlackBerry

You may be surprised to learn that this company—once known for its distinctive keyboard phone—still exists. Yes, BlackBerry is alive and thriving, but not because it continues to produce smartphones that are flying off the shelves. Rather, its success stems from a bold strategy: shifting into a starkly different market segment.

Although the brand began with the BlackBerry 850 email pager in 1999, it didn’t truly strike gold until 2002 with the release of its cutting-edge phone, which rapidly gained favor with prominent businesspeople, politicians, and celebrities alike. Before long, however, the rise of iPhones and other competitors began edging BlackBerry out of the industry, and by 2015, it represented only a meager 1 percent of the smartphone market. Its legal battles and inferior attempts at crafting touchscreen technology didn’t do it any favors either.

But instead of withering away, the company proved its commitment to innovation by taking its tech resources and industry data and rebranding entirely. Where BlackBerry once stood at the forefront of the smartphone segment, it now persists exclusively as a software giant, operating behind the scenes to support both government communications and major corporations. While its name may not be as ubiquitous as it once was, BlackBerry serves as proof that you don’t always have to throw in the towel in the face of apparent imminent doom—sometimes, you just need to find a new place to bear fruit.

The Gap Inc.

Founded in 1969 by Don Fisher to be a cool, laid-back label for teens and young adults, the Gap has long been one of the most popular fashion companies in America. It most firmly held a foothold in the 1990s, but it has retained a steadfast retail presence since then, as have its supplementary brands, Old Navy and Banana Republic.

Even still, the business has been forced in recent decades to close many of its North American and European storefronts, drastic decisions that can be attributed to a few factors. First was the shutting down of copious suburban malls, institutions that helped the Gap thrive in the 1980s and ’90s, then came the rise of ultraconvenient online retailers like Amazon. Pepper in a few smaller-scale issues like failed collaborations and backlash to marketing strategies, and it’s no wonder many began to feel that the company had lost its touch.

But this wasn’t the end for the Gap. The label has endured by making strategic moves, such as partnering with esteemed designer Zac Posen to redefine its style and developing an incredibly user-friendly online shopping experience. Meanwhile, creative leadership under current CEO Richard Dickson has helped revitalize each of the Gap Inc.’s brands, generating growth and improved market value in recent years; Q1 of 2025, for example, showed 28 percent cash growth year over year. Ultimately, it shows that the key to operating in a struggling or highly competitive industry is to keep executing new ideas and maintaining industry authority— despite any prior gaps in success.

The LEGO Group

Those who associate this company with colorful bricks aplenty may be shocked to learn they weren’t always part of the lineup. Ole Kirk Kristiansen launched the company in 1932 in Denmark to manufacture a line of quaint, handcrafted wooden toys such as a small duck on wheels, intending to engage children while stimulating their minds. It wasn’t until 1949 that LEGO premiered its iconic interlocking plastic bricks, to much customer enthusiasm. After a 1960 fire in its wooden toy factory, the company decided to discontinue its original product line in favor of its increasingly popular building blocks.

Innovation didn’t always serve LEGO, though. Motivated by growing competition and eager to cement its status as a world-class toy, it began partnering with recognizable trademarks like Star Wars in 2000 to create branded brick sets—with varying results. Some of them were only coveted as long as the media they showcased remained popular, fading out of favor when consumers lost interest, and others were too niche, failing to reap satisfactory returns. By 2003, the company was out of cash and projected ongoing years of losses.

However, LEGO was able to pivot quickly. The next year, Jørgen Vig Knudstorp stepped in as CEO to reorganize, selling properties to generate cash and ordering managers at all levels to query staff for lucrative ideas. Combining fiscal austerity with fresh thinking in this way eventually propelled years of healthier profits for the company, marked by 12 percent consumer sales growth in 2024 alone. Knudstorp’s willingness to abandon failing strategies and embrace innovation has helped the business reclaim its former glory—and proved that, when it comes to successful toy companies, LEGO still remains in play.