The only thing no one seems to have considered here is MYTravel's notorious disregard for the punters. People I have heard saying things like "I'll never fly with them again and will certainly tell all my friends". This usually followed such things as:
"I paid extra money to fly from Humberside and now I find myself being bussed to Manchester and then bussed back from Manchester. No refund of my extra and no apology".
"I was bussed to Gatwick to go and then bussed from Birmingham when I got back"
Etc Etc Etc
Whilst undeniably some of the reasons are the downturn as quoted previously, perhaps a little closer examination of their own policies would bear looking into?
Hope they are gonna be alright otherwise a lot of good people will be out of work.