It's always sad to see once great companies gow down the drain like this, no matter how well deserved it may be.

My theory why they didn't leave: There are companies that can develop some kind of "gravity" (for lack of a better word) that keeps people stuck even if it would be better to get away. It almost seems that's this is a heritage of the glory days gone by. And if the decline is kind of flat, you can end up needing a major wake-up call to realize where au finally arrived.