%0 Journal Article %A Robert E. Hoyt %T Food for Thought %B A Turnaround Story %D 2003 %J Turnaround Management %P 74-77 %V 2003 %N 1 %X Seattle-based Associated Grocers, Inc. (AG) faced a crisis when it reported 2000 fiscal year losses that wiped out 66 years of accumulated equity. Its lenders mandated that the company engage a turnaround manager, resulting in an assignment for Partners for Corporate Renewal (PCR). What happened in the next 15 months became the basis for the 2002 Large Company Turnaround of the Year Award, given by the Turnaround Management Association to PCR's managing partner, Robert Hoyt. This article details how, under PCR's leadership, AG not only avoided bankruptcy but quintupled its operating earnings before interest and taxes, reduced its debt by 75%, recovered shareholder equity to the tune of $73 million, and saved thousands of jobs. %U https://guides.pm-research.com/content/iijturnmgmt/2003/1/74.full.pdf