Retail

Life is Good almost filed bankruptcy last year, but this saved it: CEO

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Life is Good was on the verge of filing for bankruptcy protection last year, according to its CEO, but the retailer managed to overhaul its business strategy in a matter of weeks to have its best year ever during the Covid pandemic.

“When [Covid] hit, 50% of our business was wholesale … and that business died in a hurry,” Life is Good co-founder and CEO Bert Jacobs said Tuesday during CNBC’s Small Business Playbook event.

“We were in a situation where we were facing bankruptcy, and we were facing having to cut at least half of our staff. That’s when we said … let’s play offense really hard. Let’s produce this stuff to order, and let’s see what happens.”

Instead of ordering in bulk…



Source cnbc.com

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