in dire straits

be in dire straits and be in desperate straits (to be in a very bad or difficult situation, especially one involving a lack of money) — быть/оказаться в отчаянном, бедственном, ужасном положении

Example 1: She was in dire straits and couldn't get a loan. (MM)

Example 2: The firm is in dire straits and may go bankrupt.

Example 3: The farming industry in this country is in extremely dire straits. (MM)

Example 4: Everyone agrees the sport is in dire straits. (LDOCE)

Related Vocabulary (to be in, or to get into a difficult situation)
go through
to experience something difficult or unpleasant
[between a rock and a hard place]
be in the grip of sth
to be in a difficult or unpleasant situation
not know where/which way to turn
to not know what to do in a difficult situation

see also
[up the creek]
[in the soup]
[under a cloud] (2)