The most dramatic company comeback in business history is Apple, which was about 90 days from going broke in 1997 and trades at $347.73 a share in October 2026. We picked 10 companies that were near collapse and recovered, from IBM and Lego to Hostess and Marvel, and checked where each stands in 2026.
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10 company comebacks: summary
| # | Company | Low point | Where it stands in 2026 |
|---|---|---|---|
| 1 | Marvel | Bankruptcy, late 1996 | Bought by Disney for about $4 billion in 2009 |
| 2 | Best Buy | Revenue decline, 2012 | About $42.3 to $42.8 billion revenue guided for fiscal 2027 |
| 3 | Apple | About 90 days from bankruptcy, 1997 | $347.73 per share on Oct 23, 2026 |
| 4 | Crocs | Closed last factories, 2018 | $3.3 billion revenue in 2025 |
| 5 | IBM | $8 billion loss, 1993 | $253.56 per share on Oct 23, 2026 |
| 6 | Nokia | Sold phone business to Microsoft, 2014 | Network gear company; bought Infinera for $2.3 billion in 2024 |
| 7 | Chrysler | Bankruptcy, April 2009 | Part of Stellantis |
| 8 | Hostess | Shut down, 2012 | Sold to Smucker for $5.6 billion in 2023 |
| 9 | Converse | Near bankruptcy, 2001 | Nike unit with $2.4 billion revenue in 2023 |
| 10 | Lego | Debt crisis, 2003 | Record DKK 83.5 billion revenue in 2025 |
Do company comebacks actually last?
Not always. In our first version of this list in 2021, Avon was entry number one. Avon was bought by Natura for more than $2 billion in 2020, but it filed for Chapter 11 protection in August 2024 to resolve lawsuits related to talc products. In September 2025 Natura agreed to sell Avon International to Regent for GBP 1, completed on December 31, 2025. We replaced it with Marvel, whose recovery has held up for almost three decades.
1. Marvel
Marvel was in deep trouble in the mid-1990s. In late 1996 it went through bankruptcy, and investor Ronald Perelman proposed a plan to merge it with Toy Biz. The merged company was reformed in 1998. On December 31, 2009, Disney completed its acquisition of Marvel Entertainment for approximately $4 billion. Marvel’s film studio became the centre of Disney’s biggest franchise.
2. Best Buy
Best Buy began in 1966 as “Sound of Music”, a stereo store in St. Paul, Minnesota. By 2012 the company’s revenue was falling and it announced a transformation strategy. Hubert Joly, who took over as CEO in September 2012, introduced price matching, faster online delivery and “store within a store” sections for brands such as Apple, Google, Microsoft and Samsung. Corie Barry replaced him in June 2019. In August 2026, Best Buy reported quarterly revenue of $9.78 billion, up 3.6%, with fiscal 2027 revenue guidance of $42.3 billion to $42.8 billion. In April 2026 it announced that Jason Bonfig will succeed Barry as CEO on November 1, 2026.
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3. Apple
In our video on Tim Cook, we mentioned that when Steve Jobs persuaded Cook to join in 1998, Apple was almost bankrupt. Jobs later said that in 1997 Apple was “about 90 days from going broke” after it cut a third of its workforce. It took rapid innovation and revolutionary products to turn it around. Apple’s stock closed at $347.73 on October 23, 2026.
4. Crocs
Crocs was introduced in 2002, and its popularity has risen and fallen several times. In August 2018 it announced the closing of its last company-operated manufacturing plants in Mexico and Italy. It later reinvented itself with collaborations (Post Malone among them) and, in 2021, bought the footwear brand HEYDUDE for $2.5 billion. Crocs’ revenue was $3.3 billion in 2025, up 1.5% from the previous year, and its stock closed at $119.23 on October 23, 2026.
5. IBM
IBM posted an $8 billion loss in 1993, the biggest in American corporate history at the time. The board hired Lou Gerstner from RJR Nabisco as CEO, and IBM bought Lotus in 1995. Gerstner turned the company around, and IBM stock closed at $253.56 on October 23, 2026.
6. Nokia
Nokia was once the best-selling mobile phone brand in the world. Between 2007 and 2012 it lost most of its smartphone market to the iPhone and Android. In 2013 it announced the sale of its mobile and devices division to Microsoft, which closed in 2014. Nokia then focused on network infrastructure: it bought Alcatel-Lucent for EUR 15.6 billion in 2015 and Infinera for $2.3 billion in June 2024. It is one of the 5G network suppliers, and its stock closed at $8.14 on October 23, 2026.
If you are interested in mobile phones, check out 15 Most Expensive Mobile Phones Ever Sold.
7. Chrysler
Founded in 1925 by Walter Chrysler, the company nearly collapsed in the late 1970s, when the US government bailed it out with $1.5 billion in loan guarantees. Lee Iacocca, hired after Ford fired him in 1978, led the recovery. In April 2009 Chrysler went bankrupt again. It later merged with Fiat to create Fiat Chrysler Automobiles, which merged with PSA in 2021 to form Stellantis. Stellantis stock closed at $4.06 on October 23, 2026, so this comeback is a continuing one.
8. Hostess Brands
Twinkies were created by James Dewar in 1930. In 2012 Hostess said it was winding down operations and sought court permission to sell its assets. Billionaire investor C. Dean Metropoulos and private equity firm Apollo bought the brands for about $410 million, and Twinkies returned. In September 2023, the J.M. Smucker Company agreed to buy Hostess Brands for $5.6 billion in cash and stock, and the deal was completed on November 7, 2023.
9. Converse
Converse was founded in 1908 as the Converse Rubber Shoe Company, and the Chuck Taylor All-Star made it the dominant basketball shoe. After the 1970s it lost its monopoly to Puma, Adidas and Nike, then Reebok. By 2001 it was near bankruptcy. In July 2003 Nike acquired it for $309 million, and Converse revenue reached $2.4 billion in 2023.
10. Lego
By 2003 Lego was around $800 million in debt. Jorgen Vig Knudstorp became CEO in 2004, cut the number of different parts, and moved manufacturing to cheaper locations. In 2025 Lego reported record results: revenue up 12% to DKK 83.5 billion, operating profit up 18% to DKK 22.0 billion and net profit up 21% to DKK 16.7 billion.
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What do these comebacks have in common?
Our own pattern: the survivors usually changed leadership, cut products or divisions, and then built a new core business. IBM, Lego and Apple all did this. Companies that only sold themselves or relied on a single product, such as Avon, had a weaker record.
Which of these companies are you happiest made a comeback? Let us know in the comments.
Keep reading
- 15 steps to reinvent yourself and start over: the same comeback logic for a person
- 10 business moves that never fail: what separates durable companies
FAQ
What is the biggest company comeback ever?
Apple is the standout: in 1997 it was about 90 days from going broke, and in October 2026 its shares closed at $347.73.
Which companies came back from near bankruptcy?
Apple, IBM, Lego, Marvel, Converse, Chrysler, Hostess, Crocs, Nokia and Best Buy are all on our list.
What happened to Avon?
Natura bought it for more than $2 billion in 2020, but it filed for Chapter 11 in August 2024. Avon International was sold to Regent for GBP 1 in December 2025.
How did Lego recover?
After a debt crisis in 2003, new CEO Jorgen Vig Knudstorp cut parts and moved manufacturing. In 2025 Lego reported record revenue of DKK 83.5 billion.
How did Hostess return?
After shutting down in 2012, its brands were bought by Metropoulos and Apollo for about $410 million. Smucker bought Hostess for $5.6 billion in 2023.
Are these comebacks permanent?
Not necessarily. Avon’s second bankruptcy shows how fragile a recovery can be, and Stellantis, which owns Chrysler, trades at $4.06 a share.
Last updated: October 2026.
