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1998: Dunlap's downfall
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December 8, 1998: 11:17 a.m. ET
Sunbeam proved a lonely Vietnam for turnaround artist 'Chainsaw Al'
From Correspondent Peter Viles
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NEW YORK (CNNfn) - If one man symbolized the ruthless restructuring trend of the 1990s, it was "Chainsaw" Al Dunlap, known as a pit bull who would attack any cost, lay off any unit in order to protect shareholder value.
Dunlap's last battlefield to date was Sunbeam Corp., a weary maker of appliances that was badly in need of a makeover when Dunlap arrived on the horizon two years ago.
As he now remembers, "everyone told me this (Sunbeam) will be your Vietnam."
At first, Dunlap's strong medicine appeared to work. He cut Sunbeam's workforce in half, driving its stock [SOC] from $12 to $50 per share.
But 21 months into the job, trouble began. First, a stunning first-quarter loss, followed by allegations that previous profits had been artificially inflated.
Finally, Sunbeam's board took the situation into their own hands, firing Al Dunlap.
"It's a sad ending to what at times had been an illustrious career as a turnaround artist," said Efraim Levy from Standard & Poor's. "It's not the first time that he did what looks like some near-term shoring up of a company, preparing it for sale only to see it crumble later."
Now in corporate exile, Dunlap insists he didn't cook the books.
"I am outraged that people say they can't believe the numbers," he told the world on CNNfn's "Moneyline News Hour with Lou Dobbs". "As I sit here tonight, Lou, I absolutely believe those numbers."
Sunbeam, however, now considers the numbers little more than a myth of happier times. When the company later restated its earnings for the Dunlap era, more than half of its 1997 profits had disappeared. 
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Sunbeam Corp.
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