And yet, it's as simple as money ran out. They never turned a profit, investors ran out, the last round of funding was a loan with strings attached that led to a bunch of cost cutting and other poor decisions that explain the poor service quality.
A few staff guessed it might close 3 weeks ago at best though everything was very uncertain, but most of the accountants probably didn't see this coming either.
Not sure if sarcasm, but in case it is not: in theory accountants could see this coming but most benchmates were junior book keepers, with no visibility into their employer's financials.
If I can't see the books I move on. The only reason people hide books is because they are bad. You can't expect a bunch of mushrooms to help you grow a company. Employees deserve to keep tabs on the financial health of the company.
Last company I was at was an ESOP. Talk about a scam. They are under no obligation to let employees monitor the health of their "retirement plan." It's a tax shelter for business owners who want to retire. Coming from a company that had open books I had assumed that ESOP members would have some rights, nope.
Having left that shit show for a startup I'm getting regular financial health and funding updates constantly.
A few staff guessed it might close 3 weeks ago at best though everything was very uncertain, but most of the accountants probably didn't see this coming either.
source: I know a few former employees.