Summary
Overview
Sharon Price-John, CEO of Build-A-Bear Workshop, shares how she rescued the company from near bankruptcy by rediscovering its true purpose. Rather than focusing solely on financial metrics and traditional turnaround strategies, she united the organization around the mission 'we add a little more heart to life.' This heart-centered approach transformed Build-A-Bear from a struggling mall-based retailer into a thriving global brand with over 2,000% stock price appreciation, demonstrating that leading with purpose and emotional connection can drive remarkable business results.
The Crisis: Build-A-Bear on the Brink
When Sharon Price-John became CEO of Build-A-Bear Workshop in 2013, the company was facing its worst crisis. The previous year had seen a catastrophic $50 million loss, with 20% of stores operating unprofitably after eight years of struggle following the recession, declining mall traffic, and the digital economy's rise. Bankruptcy was a genuine threat to this once-beloved brand.
- 2012 was the worst year in Build-A-Bear's history with a $50 million loss
- 20% of stores were not turning a profit
- The company had struggled for eight years following the recession and mall traffic declines
- Bankruptcy was a real threat to the organization
The Textbook Turnaround That Failed
Sharon arrived with traditional turnaround plans including cost cutting, store closures, and potential layoffs. However, when she presented these strategies to the organization, she was met with skeptical stares and silence. The team's resistance wasn't about refusing to change—they were afraid she would destroy what made Build-A-Bear special. This moment forced Sharon to ask a fundamental question that would reshape everything.
- Initial turnaround plans included cost cutting, store closures, and possible layoffs
- The organization responded with skeptical stares and silence
- The team was afraid leadership would change what made the company special
" Does it matter if Build-A-Bear exists? "
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