Why did TOMS go out of business?

Can you elaborate on the reasons behind TOMS' downfall? Were there any specific factors that contributed to their decline, such as financial mismanagement, changing market trends, or competition from rival brands? Additionally, how did their business model and strategies play a role in their eventual closure? It's intriguing to understand the intricacies of what led to this outcome, as it may provide valuable insights for other businesses in similar industries.