[Bloody Sam Roberts]

I think the word that James Hohmann is looking for is "founder".

A flounder is a fish.

[NEMDF]

floun·der1

verb

•be in serious difficulty.
“many firms are floundering”

synonyms: struggle financially, be in dire straits, face financial ruin, be in difficulties, face bankruptcy/insolvency, founder
“more firms are floundering”