Is Polar collapsing in a growing market?

Polar was one of the first and propably the best company to make heart-rate watches in the beginning of sports-watches.

At that time, the market was really small. But still, Polar was making money, made great products and had amazing customer-support. (I have used Polar watches for more than 20 years)

Since then, the market has exploded - but now there are signs that Polar is crashing. They are loosing money, cutting staff and closing service-centres. Reports about terrible customer-service is coming in from several countries.

How is this possible?

Sad to see the beginning of the end of a former great company. I hope they can turn it around - but when they neglect existing customers, I feel that its over.