Ann: AGM Presentation, page-15

It's a long list of reasons why, but all comes down to terrible gross margins considering what they needed to spend to achieve the scale they wanted to be a takeover target imo.
From memory, Costs 57c to make $1 by putting dollar shop candy in nice packaging, then pay the commissions depending where that $1 arrived from, then pay the purchase order financing costs, then lose the amount those buying your receivables want as a cut, then pay to service your debt, then pay your staff, then pay your leases, then pay your corporate costs, then when you are already on your knees, pay your marketing budget.
Must be getting close to being insolvent but JB will have a plan you'd think.