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CASE STUDY

The wool bin is a yarn and fabric retailer with one physical location in Toronto, Canada and a website for on$-$line sales. Its customers are individuals who enjoy knitting or making clothes at home. The Company which now has $35$ employees was owned by Rachelle and lan Harris Rachelle had worked in sales for an investment firm for ten years when she saw a niche in the knitting market that being satisfied and established the company in $2009$ with $$25000$ in savings. The Company was successful from the outset growing from revenue of $$100\mathrm{.}000$ in $2009$ to million in $2015,$ and to $$45$ million in $2017.$

Rachelle put in place numerous strategies to maintain revenue growth and to increase it further. However, in early $2018,$ the Wool Bin's sales increases had declined to zero percent and soon sales declined for the first time since the company was started The decline continued, and the Harris's had to stop taking salaries and pay out of their savings, as the company was not generating sufficient cash.

Background