I've seen several places around here go under, but it was usually after several years of increasing neglect. Most entertainment type businesses can stave that off a bit if they just maintain their facilities, but who wants to go to a mini golf place where the windmill doesn't work, the grass is worn out and not replaced, the arcade machines don't work and for some reason part of the course always smells like urine?
We had a theater open awhile back that was briefly the nice one in the area, but the owners almost immediately let it go, and after about 2 years it always smelled like mildew. I don't want to watch a movie featuring Grandma's Attic Smell-O-Vision. The local mall was the same way as it began heading downhill. The company that owned it was not maintaining it, and kept raising the rent on the existing tenants to make up for all the empty spaces, thus driving out the rest of their tenants.
Landlords often neglect simple maintenance, yet wonder why they are losing money. How much does it cost to change a lightbulb now and then? Pressure wash the sidewalk every few years?