LinkedIn placements (for freshers) shut down! What went wrong?

Just came to know that LinkedIn's initiative to offer placements to college students, called 'LinkedIn Placements' has shut down. Apparently they couldn't execute it well. I'm however, wondering what could have gone wrong with LinkedIn - which has the reach and resources all in abundance.

Some say that it's the general lethargy of college placements officers that they don't know how to approach companies and invite them for recruitments.

Or is it something else that these companies are missing?