If you dial back the clock a year or so prior to every corporate bankruptcy, there is almost always some radical turnaround plan that didn’t work. However, Macy’s (M), Microsoft (MSFT) and CONSOL Energy (CNX)’s turnaround efforts might end up paying off handsomely for shareholders in the long run.

Macy’s (M)

E-commerce retailers, led by Amazon.com, Inc. (AMZN) have hit traditional retailers like a freight  train. In fact, a number of popular retailers have already fallen by the wayside. Since the beginning of 2015, Fredrick’s of Hollywood, American Apparel, Wet Seal and Pacific Sunwear of California are just a few of the retail names that have filed for bankruptcy.

Macy’s revenue in fiscal 2016 was down 2.2% from where it was three years prior, and was down 3.7% last fiscal year alone.

To combat slumping sales, Macy’s has been shutting down its least-profitable stores. It has also been investing heavily in its own e-commerce platform and “Backstage” outlet store concept. In addition, Macy’s has been expanding internationally, especially in China.

Early signs indicate that the company’s “My Macy’s” initiative, which involves customized service, marketing and merchandise for local markets, has been working. If Macy’s can find the same type of success with its other turnaround initiatives, the stock could end up being a huge bargain at current prices.

Microsoft (MSFT)

With a ship as large as MSFT, changing direction can be…

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