I'm loath to defend COW as she was misguided and focusing on the wrong priorities but I do agree with BA318, the rot was well and truly in place before her reign.
The company was bleeding cash for a decade, only making profit when they managed to flog some slots at other airports. They had no control over their fleet due to historic lease agreements etc so it was a choice of watching a plane burn cash sat on the ground or flying a plane on a loss making route hoping it somehow doesn't lose quite as much.