They had 6 bad quarters in a row pre pandemic as peers produced records and no macro head winds to blame. Thats how they went from $72 to $33 before people knew what Covid was. The business model failed. They were unable to produce growth for years, had no and still have no real pricing power like peers. Their lack of organic growth was suppose to be saved by foreign license deals, they imploded. They managed to pick 4 partners that could not ever open the parks. They were supp usedly consulting and yet the China developer was going bankrupt and had not paid contractors for 9 months. SF execs were inept. The failure is continuing post pandemic. SF management is horrible. They continously get CEOs that know nothing about the industry and thus get the expected poor results. They went bankrupt because of poor management and have severely underperformed pre and post pandemic because of poor management. They are floundering just as badly post pandemic as they did pre. The last 12 months Cedar Fair is down 14%( S&P down 18%) , SF is down 58%.