To put things in perspective - the old owners had plants in 5 different states. Each of the other plants consistently lost money. Our plant consistently MADE MONEY, despite mismanagement. Quarter after quarter, the accountants posted profits from our plant. In effect, we carried four other money losing plants for years. The owners could never bring themselves to unload the money losers, instead taking the profits we earned to shore up the other plants. They followed that policy until bankruptcy put them out of the game completely.
Were any of those plants making key inputs for yours? If they were, and it wasn't practical to consolidate that function, then closing them down would have crippled you. Which individual plants make money is one thing, but where there's internal transfer of items between units of the business, the value attached to those items is fairly nominal in practice; it's the overall business that really makes the profit or the loss.
Or maybe they're just incompetent fucks. That could be true too. Hard to say without the full facts, but the fact that bankruptcy hit is strongly indicative.