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Innovate or Die
Although each of these examples represent the retail sector, there are many examples from all industries where there was a failure to continue to innovate. Because technology is a major area of change, IT service providers must always concentrate on finding ways to develop and deliver innovative products to help our customers succeed if we intend to survive.
Name
Description
Demise
Largest chain store in the world by 1997 (it’s 100 year anniversary). Overtaken by competition from Wal-mart, K-mart, and Target...failed to innovate as consumer taste changed.
1997
Filed for Chapter 11 Bankruptcy in 1999
1999
Founded in 1919 and later purchased by Tandy corporation in 1985. Expanded store base and closed all stores in 2000
2000
Phar-Mor's business model was based on selling a large quantity of merchandise with a very small profit margin. Bankruptcy was precipitated by fraud and embezzlement by executives of the company
2002
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