I recall the delivery of G-AOVI in 1968, and have flown Monarch both long- and short-haul numerous times. This development is tragic, particularly for the staff.
I do wish that some of the idiots who post on this site blaming the management understood just what management can and can't do. They are subject to the law, the owners, and numerous other interests. I have no doubt that every manager (and they've lost their jobs too), did what they could under difficult circumstances.