Parent company realizes the purchase of Merchant e-Solutions was a bad investment, wants to sell it but can’t, and hasn’t invested enough to make the necessary improvements.
Senior management have been disengaged, probably because they have been operating form the perspective that the company will be sold soon, despite lying about the company being for sale (likely complying with parent company's instruction)
HR more concerned with asking employees to rate company positively in a local “Best Places to Work” completion than acknowledging the terrible results of internal survey done just months before; perception of employee satisfaction is way more import than actual employee satisfaction.
Even if senior management miraculously started caring about the long term success of the company, they would have an enormous uphill battle due to the extremely poor state of the software that drives their business, which is clearly a reflection of many years of short-term thinking and bad management. On a scale from 1 to 10, 1 being terrible and 10 being great, the state of the software is a 1; this is not an exaggeration. And if a defect doesn’t end the company quickly, the maintenance cost will end it slowly.
As a software engineer considering working at this company, someone may tell you “Yeah, the software is in a bad state, but now we’re ready to invest and rebuild and you get to be part of that exciting task”, but it will be the same lie they have been telling themselves and others for many years.