Nominated for a 2010 National Magazine Award in the Best Editorial Package category

We were too quick to write off some of these embattled icons, but others crashed hard.

The comebacks

1. Michael McCain
Last year’s listeria outbreak could have ended Maple Leaf Foods CEO Michael McCain’s decade-long career at the company. But instead of hiding behind his lawyers, McCain faced the press and expressed his concern and commitment to fixing the problem. His public appearances paid off. McCain built trust with consumers, who kept buying Maple Leaf products. So far, McCain has seen three consecutive profitable quarters. Maple Leaf’s nine-month earnings are at $20.2 million, a reversal from the $22.3-million loss the company suffered last year.

2. HBC
In recent years, Canada’s oldest department store has become messy and out-of-date. But under the leadership of Bonnie Brooks — a former Lane Crawford — the Bay is being rejuvenated. It’s now selling high-end clothes, targeting an international market, and plans to go public in 2011.

3. Ford
The U.S. automaker lost billions of dollars in 2008 and nearly had to accept government bailout money. But in 2009, Ford stuck to what it does best: sell cars. In November, the company posted a $1-billion profit — the first time in a year Ford has been in the black.

4. The Gap
After two straight years of losses, the Gap is profitable once again. In November, the clothing company revealed that its quarterly earnings had jumped 25%, while its Old Navy stores saw a 10% increase in earnings. Analysts now suggest buying the stock, which has climbed from a low of $9.85 in March to nearly $22.

5. Goldman Sachs
Goldman Sachs may have had the greatest turnaround of the year. After posting its first ever losses in ’08, the investment bank earned $8.5 billion in profit between January and October, and was one of the first companies to return its TARP loan. Its stock price has also shot back up.

6. Trabant
The Communist-era vehicle may have been one of the worst cars ever made, but now it has a chance to clear its name. The new Trabant NT — slated for production in 2010 — is being marketed as a cheap, eco-friendly Smart car–like vehicle, minus the Soviet style.

7. Polaroid
Digital cameras were bound to put Polaroid — maker of the iconic instant-film camera — out of business, and that’s exactly what happened last year. But now, under new ownership, the brand is thriving once again. The new Polaroid camera is sleek, still prints pictures on demand — and is digital.

8. Gold
Gold’s price has skyrocketed this year, putting oil’s ’08 run-up to shame. Since January, the precious metal has jumped a whopping $274.50, to about $1,150 an ounce. The commodity is in such high demand that luxury gift shop Harrods is now selling gold bars.

The flameouts

1. Ruth Madoff
It wasn’t long ago that Ruth Madoff was kicking back in one of her mansions. Now, hubby Bernard is in the slammer, the feds own most of her possessions, and a former investor admitted, in a tell-all book, to having a months-long affair with Bernie.

2. Hummer
As the U.S.’s penchant for excess suffers, so does the car that defined the overspending era: the Hummer. GM’s successful off-road vehicle was sold to a Chinese construction company this summer, and sales have dropped 50%.

3. Condé Nast
Nearly every big media company has lost money this year, but Condé Nast may have been hit the worst. The venerable publisher of Vanity Fair and Vogue had to shutter five titles, and lay off more than 200 staff after estimated ad revenue fell by 36.2%.

4. Ontario
Once the heart of Canada’s manufacturing sector, Ontario is now on life support. With a faltering economy and troubled auto industry, the province is staring down a $24.7-billion shortfall. That’s $12.4 billion more than in 1992, when Bob Rae was premier.

5. Rick Wagoner
Getting fired is bad enough. But getting a pink slip from Barack Obama is arguably worse. That’s what happened to GM’s ex-CEO Rick Wagoner, who was booted from the failing company when the White House demanded his resignation in exchange for bailout funds. Don’t feel bad though — he got $20 million on the way out.

6. Anthony Lacavera/Globalive
Anthony Lacavera was supposed to be the guy to break up the country’s cellphone triumvirate. But the CRTC had other ideas. The commission ruled recently that Lacavera’s company isn’t Canadian enough — an Egyptian billionaire controls most of the shares — and now Globalive’s future is in serious doubt.

7. Crocs
Crocs’ balance sheet hasn’t been looking as comfortable as its shoes of late. After losing $185 million in 2008, the Colorado-based business’s fortunes continued to fall, reporting a net loss of $22.4 million in Q1 and $25.1 million in Q2. It doesn’t help that one analyst said the company was “toast.”

8. Detroit
Years ago, if you wanted to find a job in America, you went to Detroit. Now, with the U.S. auto industry in shambles, the Motor City is decrepit and decaying. The banks can’t even give away thousands of foreclosed houses. Unemployment hit 28.9% this year — three times the national average — while Forbes named it the most dangerous city in America.

9. Caisse de dépôt et placement du Québec
Quebec’s largest pension fund lost $40 billion in 2008. This year hasn’t been much better — its CEO jumped ship in January, and in August the fund reported another $5.7-billion loss, mostly from the Caisse’s real estate arm.

10. Potash companies
Don’t tick off farmers. Potash companies learned that the hard way after they failed to cut fertilizer costs when crop prices started to tumble. Farmers simply cut back on the amount of fertilizer they used and that hurt businesses like Potash Corp., which is on track to earn $7 less per share this year than expected.

Appeared in the January 18, 2010 issue of Canadian Business magazine as part of the year-end Winners & Losers package