It might seem a harsh question, but one some are asking of the former darling of the Middle East airline world Gulf Air.
This article from the FT is a good run through the issues, and is also notable for having nabbed my colleague and editor of Flight International Murdo Morrison for a quote or two.
His view: "Gulf Air's decline reflects the shift in the centre of gravity of the Gulf towards the Emirates in particular - it seems almost like an anachronism now."
Our own David Kaminski-Morrow, who keeps a close eye on Gulf Air, also talked to its CEO Bjorn Naf not too long ago, where he described the carrier's intention to grow - a must or it will be smothered.
Here's a recent Flightglobal story on Gulf Air's view on alliances,