Abstract
Over the last decade researchers have paid increasing attention to the subject of turnaround management. Most of these studies centered on the strategies used. Lately, researchers have been concentrating on differentiation of turnarounds—the successful and not so successful, with the aim of identifying the conditions that affect the outcome of any particular strategy. However, not enough work seems to have been done to understand the process through which turnaround strategies are developed. The present paper is an attempt in this direction. it aims at developing a framework for formulating a turnaround strategy with the help of a case study.
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