The company is drowning in debt, and operations are struggling along.
Tips
history
The phrasing traces to 《宋史·章宗纪》 and a Ming-dynasty story in 《觅灯因话·桂迁梦感录》: "颜色枯槁，步履艰难" — haggard, walking with difficulty. Originally literal; later extended to metaphorical struggle.
usage
Works for both literal walking (injury, old age) and figurative struggle (a business, a reform, a project). The figurative use is especially common in news.
