I abandoned ship when they lost their United contract back about 20 years ago-ish. I thought for sure they were dead in the water, but like a roach, they just seem to stick around. I do believe this is the end for them, though. They DEFINITELY suffered from a lack of vision. You gotta believe that an airline flying the same CRJ200s they took delivery of two decades ago and has had absolutely no fleet growth is just inviting the demise. I can only assume they're just tired of being in business, because nothing else makes any sense about their business decisions since Clinton was in office.
I feel horrible for those guys that planted their career stakes in ZW. It really was a good gig, and Appleton is a great place to live (winter not withstanding), but really ZW has got to be the slowest death scene in the history of airlines.
Thus is the game we play though. The only constant is change, and ZW is a case study in "change or die".