Meaning of the word "in holes" in English

What does "in holes" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

in holes

US /ɪn hoʊlz/
UK /ɪn hoʊlz/

Idiom

in debt or in trouble

Example:
After losing his job, he found himself deep in holes.
The company is in holes due to poor management.