Balance sheets?
They could, but they deliberatley don't. Either to force a merger, a sell off, or bankruptcy to reorganize or liqidate. It's about taxes, and profit. The Hoover free air fare to Florida comes to mind. We all know nothing is free. Someone somwhere must pay.
There is also the instance where descendent's don't want the business. Sometimes the big fish eats the smaller fish.
Also some are coined as "too bif to fail", empoying thousands. Those that would lose jobs mean recession, and steep tax revenue defecits. So They are bailed out by tax payers and or banks.
I say this because you rarely see the top executives or key people let go without golden parachutes or huge retirement quotas. It's all built into the books.
Here is one name from the pre-bankruptcy of GM in 2009. Robert Lutz. He spent decades at different companies in the auto industry. He followed in his fathers footsteps, a Credit Suisse finacier. Do the math, follow the money.
Delphi was first to file bankruptcy in that fiasco because of deep parts outsourcing which resulted in GM laying off many of it's customers employed by them. Suddenly they had too many divisions and models. They didn't before 2005 though. They blame competition from other companies like Hyundai/Kia, Nissan, Toyota, Mazda, (Toyo Koygio) etc., but I say can't means won't. Those companies were all on the scene long beforehand. While they cut deep into market share, it wasn't a drowning percentage. The age of old US plants had some bearing, but FCA just built a new one here to produce Jeeps, etc. Some were only as old as the 1960's or 70's. Oshawa Ontario, Lordstown Ohio, and Elizabeth Australia, which closed with every other auto plant there because the Govt. decided to end subsidies. With only about 26 million people, fewr drivers than that, and vehicles lasting so long because of the better climate, the most Holden sold annually was in 1976, at about 300,000 units. Oldsmobile had those numbers alone in the US then.