You have misunderstood what I have written. Outsourcing was not what caused bankruptcy. It is the bad decisions/management, negligence, corruption etc which might have caused bankruptcy.
What I am trying to point out is how misguided the management is. Instead of looking inwards and fixing their issues they think that the lower rank and file people are the problem (i.e. the people who do not have a say in how the company is run) and lay them off and try to cut costs. Next they outsource their operations which will decrease their efficiency even more which will further exacerbate their problems.
The outsourcing companies had a big push to get into energy and utilities (in short ENU) sector and such companies provided a good revenue until they didn't.
What I am trying to point out is how misguided the management is. Instead of looking inwards and fixing their issues they think that the lower rank and file people are the problem (i.e. the people who do not have a say in how the company is run) and lay them off and try to cut costs. Next they outsource their operations which will decrease their efficiency even more which will further exacerbate their problems.
The outsourcing companies had a big push to get into energy and utilities (in short ENU) sector and such companies provided a good revenue until they didn't.