Sure, and they had a boost in 2021 from Covid that let them IPO. But still, their revenue in 2024 was below even pre-pandemic levels. They could have downsized

Sure, and they had a boost in 2021 from Covid that let them IPO. But still, their revenue in 2024 was below even pre-pandemic levels. They could have downsized their way out of it, they just really wanted to say they didn't let anyone go. I live ten miles from their HQ and know people who work for corporate finance for them. I was at the party they threw when they re-emerged from bankruptcy last year. It would have been survivable with deeper cuts though, even then, getting back to thriving would have been more difficult and required substantial changes and nobody seemed to have much of a plan for it.