Companies undergoing a crisis, such as financial difficulties, rely on public relations to communicate a positive company reputation to the public. This is important, especially in cases where the company has to file for bankruptcy. A good PR strategy preserves the reputation of the principals involved and effectively lets the stakeholders know what the bankruptcy means to them.
The ultimate goal is to minimize damage. This refers to the damage within the infrastructure, as well as the damage stakeholders and customers will endure. This helps in winning back the public’s trust and coming out of the crisis in better shape.