to be caught in an accelerating process of imminent collapse or failure, as with objects in the swirling flow of water at the bottom of a sink or tub that is nearly empty; in a business context the phrase is usually applied to a company that is nearing bankruptcy; recognition that an organization is circling the drain can lead to increasing desperation as employees with alternatives flee as quickly as possible and suppliers and customers demand increasingly onerous terms or cease transacting entirely, all of which serve to hasten the company’s demise