I would structure the turnaround around three priorities, all focused on near-term cash impact rather than long-term strategy.

1. Immediate liquidity and cash visibility
• Build a short-term cash forecast to understand daily and weekly liquidity needs.
• Identify minimum cash thresholds required to operate and avoid covenant breaches.
• Establish tight controls on discretionary spending and new inventory commitments.

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2. Working capital and inventory actions
• Diagnose where cash is trapped in slow moving or obsolete inventory.
• Accelerate liquidation of excess stock through targeted markdowns or clearance channels.
• Renegotiate vendor payment terms to slow cash outflows where possible.

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3. Store and cost actions
• Assess store level cash contribution to identify loss-making locations.
• Reduce labor hours and overhead in underperforming stores.
• Pause non-essential initiatives and capital spending.