May
24
Bankruptcy Good for One’s Brand? from Rocky Humbert
May 24, 2011 |
Jackson Hewitt, symbol=JHTX, the nation's 2nd largest tax preparer filed for Chapter 11 Bankruptcy this morning. In the press release announcing their bankruptcy, Philip Sanford, President & CEO wrote: "….The Jackson Hewitt brand is greatly strengthened by the actions we are taking today, and we can confidently begin our preparations for the 2012 tax season and beyond…"
Might I offer a bit of unsolicited advice for Jackson Hewitt's CEO:
Filing for bankruptcy is NOT a brand-enhancing event — and especially not for a tax-preparation company. Accordingly, I'd suggest that he cancel the upcoming TV advertising campaign which uses the slogan: "File your taxes with Jackson Hewitt, and we'll show you how to go bankrupt….We're the Experts!"
(A better approach towards enhancing the brand might have been to cut the SG&A over the past several years.)
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