It is not that difficult to understand why poorly managed companies go bankrupt. The real question is why smart and well managed companies fail. Guy Kawasaki has a great post over his blog titled “Why Smart Companies do Dumb Things”.
The first reason why smart companies do dumb things has to do with the consensus. In his own words “once consensus starts to build, it’s harder to alter a decision. It’s one thing to argue against a few people; it’s much more difficult to argue against the wisdom of a crowd. Individuals who hold out, question, or disagree are labeled as clueless, uncooperative, and not team players “.
There are many other reasons mentioned, check it out.