The Turnaround of Lego: From Brink of Collapse to Global Success

Lego, the iconic toy brand, faced bankruptcy by the end of the 20th century due to overexpansion and a lack of transparency. In 2003, Jorn Big Nootstorp, a young consultant, and his team took over the company and implemented a three-phase action plan. They restored the company's financial stability, focused on core products and customer satisfaction, and established partnerships for non-essential ventures. Through a commitment to simplicity, collaboration, and staying true to the brand's purpose, Lego managed to turn its fortunes around. They eventually regained profitability and became the biggest toy maker in the world.