Like movie, brands can also experience reboot, remake or prequel.
Among the Hollywood style filmmaking, remakes and reboots are a popular and common choice. Think about the suffering Batman franchise. In the wrong hands, supported by aweful storytelling and some glaring mistakes (the infamous nipple suit of Batman being one!), Batman almost suffered a tragic death in the mid 90s. But thanks to the Christopher Nolan led reboot, the Dark Night has risen again and is now pretty much leading the way for all super hero film reboots. Next in line is the Superman franchise.
There is a powerful lesson in there. Despite the best interests and truckload of money, your brand can simply wither away. Blame the timing, blame the luck, blame management or fickle consumers. But thats the fact. But if you are clever, and if the timing and strategy is right; dead brands can be brought to life. Brands that made such a heroic turn arounds are Apple, Nissan, Hush Puppies, Saab (still in the middle of rebirth after General Motors bought it and gave back its identity – a car that is made of jet plan standards), My Space (Again in the middle of the turnaround after Justin Timberlake and his comnsortium bought the brand) etc.