I hate to sound negative, but this was only a matter of time. A lot of it isn't their fault either, but some is (i.e. website). Poor attendance at football and basketball are going to negatively affect non-campus owned fan shops, even if they're a couple blocks from the campus.
When there's no one going to games, there's no one buying merchandise. When there's no one going to games, there's no one BRINGING people to the games, which kills the amount of people buying merchandise. I can only imagine that sales AT the stadium are abysmal now of days.
In regards to their website. There's so many cheap and affordable e-commerce platforms out there that give you automatic SEO and great web presence. There's not much investment needed in them either, outside of domain name, SSL cert, credit card processor and a template design. Many of the big time carts such as Magento, Shopify, etc, have software that will even sync with your normal POS software so you can offer everything in your physical store online. Bullsheaven offered 95% of the inventory in their store online, plus they even had more items on the web only for drop ship, such as diplomas, custom prints, etc.
They should have jumped all over something like that when BullsHeaven closed their doors in 2012.