I'd suggest that there are two types of unfortunate decisions that were made in those times. Almost all of which were made in the context of a desperate need to reduce costs.
The decisions made on issues like this were reasonably based on all the indications and trends extant - all indications were that the film market was going to essentially go away. It was reasonable at that time to expect that there would be no need to have in-house production.
A better crystal ball might have been the only way to avoid those decisions.
The other decisions made - selling off businesses that sold product outside of their core business to third parties, and attempting to start new, non-photographic businesses with hoped for similar margins to their old - those were bad decisions.
One thing though - unlike so many others, at least they are still around and producing (growing amounts) of product. Many others aren't. Of course, it took a bankruptcy remedy to make that possible.