TL;DR: In a nutshell their business came from SEO and that was it, no other channels. Google changed the game and they no longer got business through organic search results. They tried to get other leads, however, the quality from things like PPC wasn't the same - no conversion. Aside from these problems they were also in a business that did not scale very well - too many locations needing too many resources. They could not afford to grow, threw in the towel and handed money back to investors.
TL;DR: In a nutshell their business came from SEO and that was it, no other channels. Google changed the game and they no longer got business through organic search results. They tried to get other leads, however, the quality from things like PPC wasn't the same - no conversion. Aside from these problems they were also in a business that did not scale very well - too many locations needing too many resources. They could not afford to grow, threw in the towel and handed money back to investors.