Which once-bankrupt retail brand successfully reinvented itself by pivoting to a membership model, generating over 75% of its revenue from membership fees rather than product sales?

In the ever-evolving retail landscape, some brands manage to rise from the ashes after bankruptcy or near-collapse. These 'phoenix brands' provide fascinating case studies in brand resilience, strategic pivoting, and consumer loyalty. Test your knowledge about one of retail's most remarkable turnaround stories in recent business history.

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