I've heard similar rumblings. I think it has to do with the debt load on the money used to purchase them causing most of the crunch. Since they are owned by a multi-billion dollar hedge fund, I doubt highly we'd see any kind of bankruptcy, just alot of fired execs and a cash infusion if it got to that.
From about 2007 to 2010 they had a product that was very sexy in a demo, but bug ridden in execution. From 2010 to now, they have heavily stabilized the product and its solid. That doesn't mean they don't have alot of unhappy implementation though and that primarily relates to trying to do corporate implementations versus using partners (Sage and Microsoft ought to pay close attention to this). We now make a living out of getting a call a week from an unhappy implementation looking to dump Epicor direct and work with a partner.
In addition, Epicor 10 is on the cusp of being released and is far more Microsoft than any Microsoft ERP product. Totally stripping away the Progress Software layer, moving to SQL/C# and SSRS. It will be at least 3x faster on the same hardware, have a complete Windows 8 look and feel (may not be a good idea), integrated Socialcast like capabilities within the ERP etc. So unlike other vendors, even when things are tough, they continue to heavily invest in R&D on the product.
Who knows, maybe they are going so Microsoft in the hopes that Microsoft buys them or something. If microsoft were to write their own ERP (versus all this acquired stuff), it would look an aweful lot like Epicor 10.