If you can't make money with 85% LF, then you are doing something wrong. Time to move on and try your managing skills at something different. You can't expect your employees to compensate or be accountable for your bad decisions.
If you run a restaurant and it is empty every night, then the problem is the cook. If the restaurant is full but you are still not making money, then your problem is the manager. Plain and simple.
The time for new leadership has come. I can't believe the shareholders have not taken action yet. They must not care much about making money.