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  "notes": "The slide uses a timeline-based framework to categorize turnaround activities.",
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      "text": "For situations in which the company is extremely stressed and on the brink of going under, short-term measures include postponing or canceling capital investments, freezing new hires and salary increases, and improving working capital. Management teams can also reach out to financing partners and ask for a short-term infusion of capital to maintain enough liquidity to continue operating. More broadly, companies at this stage need to generate a fully transparent view of their true liquidity situation. Detailed data at the level of individual business units and entities is critical for the company to make accurate short-term forecasts. In addition, companies need to understand the legal requirements of various options. For this reason, many organizations set up a liquidity office that collects, synthesizes, and reports this data directly to the C-suite and board.",
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      "kind": "paragraph",
      "text": "ideally in weeks; certainly no longer than a few months. (See the sidebar “A Retailer Cuts Costs and Fuels Growth.”)",
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      "text": "EXHIBIT 2 | Components of a Turnaround or Restructuring Program",
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      "text": "Funding the Journey",
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