Low profit-margins, higher labor costs (without illegals), higher interest rates, inflation the last 3-4 years under Biden, and plain-old competition probably. They'll likely just do the Ch. 11 reorg, sell some stuff off, lay off some people, negotiate and restructure debt, and operate as a leaner company for a while - and at some point in the future do a few acquisitions to replace what they sold off (if the Ch. 11 succeeds). There were over 6500 Ch. 11s filed in 2023 alone. They are fairly common.