Can progress result in bankruptcy for others?

Technology and progress in society are great, but it got me thinking, as we discover new things or improve on others, can companies be affected in negative ways, such as by losing sales and revenue, thus causing them to file for bankruptcy? Then, I stumbled upon the case of James River Coal Company, who recently filed for chapter 11 bankruptcy. The reaons? According to one source: "the company says it faces challenges from the weak economy, environmental regulations and competition from natural gas. Utilities are increasingly switching to gas from coal."

One of the reasons for James River's lower sales is because of competition. Competition which arose from the discovery of the ability to use natural gas instead of coal. In this instance, a great discovery ultimately caused the bankruptcy of a company giant. This resonates with another article I read earlier this week, which was about Ecko Etld., who is also filing for Chapter 11 bankruptcy. Its reason? What used to be "hip" and "cool" no longer is the case, as new trends come out, people change styles and leave producers of what was once "cool," in the dust. I can also recall that the same thing happened to Myspace after Facebook became big, and perhaps the same could've happened to Facebook with Instagram, until Facebook decided to buy them. Once Facebook became the "cool thing," Myspace users switched to Facebook, until Myspace has become what it is a today, a cyber ghost town.  People nowadays reply when asked if they have a myspace account: "people still use that?" Facebook, which provided a better social networking experience, caused Myspace to become what it is today. 

In conclusion, after reading the Article on James River, it helped me figure out that while progress is great, it does cause companies who do not keep up with changes and provide better products, to fall behind, lose sales, and perhaps, ultimately end up bankrupt. Which creates another question? How is this good for the economy if big companies are filing for bankruptcy and become dissolved, resulting in hundreds if not thousands, to lose their jobs? 

source: http://abcnews.go.com/Business/wireStory/james-river-coal-files-ch-11-bankruptcy-23230394