[In the greatest gun and ammo market in the history of guns and ammo a company would have to be inept to go into bankruptcy.]
It would certainly seem like it.
Before the Wuhan Red Death, my son worked as a trucker for a framing contractor who had several large jobs going.
The idiots who ran the computer any were so incompetent they went bankrupt.
It happens.
He ended up getting hired by a lumberyard that later bought the assets of the old company.