Just weeks after the arrival of new chief executive Dave Lewis, who was brought in to turnaround falling sales and profits at Britain's biggest retailer, a team of forensic accountants from Deloitte established that the estimate of first-half profits that Tesco gave the City back in August was artificially inflated by £263m.
Reflecting back over the 17 years or so that we've been writing The Turnaround Letter, it occurred to us that most turnarounds fall into certain general categories based on the type of issue that led to the company's difficulties.
Advertising revenue, the focus of AOL's turnaround strategy, fell 29%, but Tim Armstrong, its chief executive, said he expected online display advertising to grow in the second half of the year.
Overall, we concluded that the hybrid curation approach was extremely promising: it met our goals in terms of cost and turnaround, but fell somewhat short on quality, with accuracy of just <90%, end-to-end recall at an acceptable 71%, but precision still below the target of 90%.
Much of the blame for the lack of a turnaround has fallen on Mayer.
"Michael's coming here, and that's just explosive for this city," said Terence Hobbs, a Jordan wannabe since his grade school labors at backing into imaginary defenders for his version of the 180-turnaround fall-away jump shot that became part of the Jordan signature of pre-eminent success in much more than basketball.
In a turnaround, light sweet crude for January delivery fell $2.79, to $45.19 a barrel during Asian trading hours on the Nymex.
The moves underscore the urgency that has taken hold at Ford after two previous turnaround attempts since 2001 fell short.
Over the past year, Mayer's turnaround efforts have fallen notably flat, with the company's stock price declining 20% and the business becoming increasingly vulnerable to activist investors.
The supermarket chain has made the decision as part of a turnaround plan, amid falling sales and profit warnings.
