Management Research Review, v. 41, n. 10, pp. 1118-1136. Abstract: Purpose: This paper aims to enhance the understanding of organizational change (OC) and the main critical factors to change. Design/methodology/approach: A single case study was conducted in a large company with operations in Brazil by means of 21 in-depth interviews. A qualitative perspective was applied to scrutinize the data collected. Findings: Main critical factors, such as commitment and trust, represent pieces of a puzzle that, when put together in a constructive way, draw a path to successful implementation of a change initiative. On the one hand, a country crisis poses as an obstacle to build change initiative credibility. On the other hand, an economic downturn may represent a retention mechanism. This study allowed the authors to draw a diagram with four groups of people based on their engagement with the organization change initiatives and on their seniority. In brief, the company is in a vicious circle. It is prisoner of a negative loop that causes a destructive effect in the change process, and it does not allow them to think out of the box and explore creative alternatives to face the company challenges. Research limitations/implications: The research presents a few limitations regarding the chosen method and, also, country and company scenario where the research took place. Practical implications: The results have implications for human resources development (HRD) scholars and practitioners in the planning and implementation of OC-related initiatives. Originality/value: This paper contributes to OC literature and practitioners by showing the importance of credibility in change initiatives to achieve their successful implementation. This study also supports the strong relationship among main critical factors to change. Finally, the company is locked in a negative loop that stifles the successive attempts to successfully implement the change initiatives.