If a private company can't run at a profit then they deserve to go under. Why should us tax payers bail them out? If my business didn't suceed I would not expect the tax payer to help me out.

There is no excuse for bad management it is the staff that suffer. No doubt the directore have ring fenced their pensions the same as the old Jessops management did (I knew one of them). They are in a position to see what is going to happen staff can't.