Long-haul would not have saved Monarch, not on the scale they were running it. (2 A330's, 1 A300?) It would have needed to be quadrupled in size to perhaps been profitable, but the financiers would never have taken that risk. TCX took the risk on the long haul strategy, and it looks like it has worked for them....so far.
Monarch was a very nice airline, questionably profitable
, but is now becoming another possible victim of our avaricious UK public requiring stupidly low fares. And of course they line up with other elements of our avaricious UK public, perhaps wealthier, who require excessive and unfeasible returns from their venture capital investments.
Greed will eventually fail and reality will force fares back into line, but at the expense of a number of airlines and their pilots, but lining the pockets of the managers overseeing their failures.
More examples spring to mind...