Couple things. Two of their three FM sticks are rim-shots, covering less than the full Richmond metro--93.1 misses most of the human beings and 107.3 misses about half. That makes it tough to compete with the (normal) full-signal radio stations--that is, everybody else.
98.9's Adult Hits format is built on the premise that they'll get a slice of everyone else's audience. But that also makes every other station a competitor--including their own Oldies station. Put the two together and you've got a solid 5-to-6 share radio station. Maybe that's how they sell it, I dunno...