SMEs internationalisation process: from success to insolvency, from rebirth to re-internationalisationProceso de internacionalización de las PYME: del éxito a la insolvencia, del renacimiento a la reinternacionalizaciónProcesso de internacionalização das PME: do sucesso à insolvência, do renascimento à re-internacionalização

Purpose This study aims to obtain insights based on empirical evidence that identify the key drivers and obstacles that lead companies to (re)/enter markets and distinguish the different paths SMEs take. This also provides deeper insights into internationalisation, success, failure and the potential for the re-internationalisation of the SMEs. Design/methodology/approach The authors used a qualitative research methodology based on six case studies and with recourse to semi-structured interviews with the senior managers of exporting SMEs. Findings The results report that SMEs with major investments deployed in their internationalisation processes, through recourse to high levels of bank financing, in association with the COVID-19 pandemic period, were not able to successfully overcome the process of internationalisation and culminating in their own bankruptcies. Originality/value This study shows how, despite such failures, the attractiveness and reputation of the brand, supported by the strategic vision and perseverance of new investors (entrepreneurs), enabled the rebirth of the brands and opening the door to their re-entering international markets.