This post is part of AOL Money & Finance's Best & Worst in Money 2008 feature.

As we undertake a hasty exit from the tumult of 2008 and plunge headlong into the mysteries of 2009, we might find it interesting to consider some business entities that could benefit from a little "freshening up." Four familiar names; Kmart, Playboy, Starbucks, and Wall Street, are each in need of a timely makeover, to varying degrees. But if you could chose just one of these big name operations to fix up for 2009, which one would it be, and how would you fix it?

First let's consider Kmart, the adopted son of Sears Holdings Corp. (NASDAQ: SHLD). What are the changes that Kmart might need to remain competitive going into 2009? Should the company try playing the boutique angle, which failed to work for Wal-Mart Stores Inc (NYSE: WMT)? Should the company tighten up and consolidate, while pursuing a deeper product value play, or should it attempt to spread out its market coverage and work over its wholesale vendors, while engaging Wal-Mart in a game of cut-throat retail price points? If you were CEO of Kmart, what would you change?

In what many may take to be a sign of the apocalypse, men's media company Playboy Enterprises Inc. (NYSE: PLA) lost money last quarter. Whoever thought the "Empire the Bunny Built" would have money woes? Are men no longer interested in what Playboy has to offer? Hardly. But why pay when equivalent stuff is available online for free? So Playboy has begun a concerted effort to focus on digital media with Playboy TV and online offerings with pay-per-view video on demand. Judging by recent earnings (August 7), the strategy is working. Instead of a $3.3 million loss as in 1Q 2007, Playboy posted earnings of $1.9 million. Revenues rose 6% to $85.7 million and operating income was $3.8 million. 2Q diluted EPS was $0.06, much better than last quarter's loss of $0.10 per share.

Playboy Magazine continues to lose money, as do so many other print media, posting a loss of $2.3 million for 2Q 2007. Both circulation and ad revenues remain in decline. So CEO Christie Hefner is leading Playboy into new ventures, including a new Playboy mansion in Macao to take advantage of the Chinese market. Playboy will own a 49% stake in this venture. Playboy is also expanding its international TV division, revenues up 16% to $13.7 million, and licensing arrangements, up 36% to $5.5 million.

Domestically, Playboy is trying to market itself as a social networking site (fully clothed) for the college crowd. It very recently launched PlayboyU.com to coincide with the return to classes. Too early to tell whether this ad revenue based site will offer any competition to YouTube and Facebook. If too successful, site traffic will incur the wrath of college IT managers who will block connections to it.

Just as no one actually reads Playboy for the book reviews, no one invests in Playboy because it may be a good investment. The stock began the year trading at $11.61. So far the stock has lost 8% of its value, closing Tuesday at $10.85, down $0.08.