Here , (IMHO), are some of the reasons they are now in trouble.
1) Too little research into route viability.
2) No destination local advertising.
3) Crazy timing for the special seat low cost seat promotions. (Major upsetting of passengers who paid a relatively high ticket price, when they see “free” flights advertised a few weeks after they booked. Net result of this type of marketing is to make all regular flyers delay booking to await the Super Discount offers.
4) No attempt to poll passengers as to their reasons for travel. i.e.. Business, Holiday or owners abroad.
5) Very poor
PR from the parent company. Late publication of even the good news. Even now , assuming they are not 100% dead, there should be something on their web site to reassure or otherwise inform the customer base as to what is happening.
No doubt other more knowledgeable folk could add a few more. Some good input here might yet save the day or at least permit others to learn from EU’s mistakes.
I do believe that the flights this week are virtually fully booked. Even before this morning news the EUJet fare for two people to Alicante at the end of August was around £600 total compared with the “normal” spring price of around £120 for the same flight. That has to indicate high load factors.
Bob D