Partially, yes. The management are floundering and haven't a clue.
The big part, of course, is the simple death of print media as a viable news source now. Almost all our papers are suffering that, with the exception of the Sun (the builders choice!) but the Guardian group doesn't really have any strings to their bow to offset the print losses.
Edit to add: The reporters are also part of the problem. Good investigative reporting is not cheap.