Yeah, between the critics not understanding the character or universe at all, and the comic fans being pissed that it wasn't some huge, epic space movie (alongside the fact they just don't like Reynolds as Hal), the negative buzz was just too much for it to overcome I think.
It always gets pointed out, maybe not here but about the net, that movies aren't solely made for comic fans. That's true. It's always noted, accurately I'll add, that there aren't enough dollars to just make a movie for the diehards or even the occasional comic book fan of a character. I just want to note the converse and point out comic fans could've not shown up and the movie would still have a total of $95-$100m, we just aren't that big.
This movie died because it was made for general audiences, like any movie, and it was a mess. Word of Mouth + reviews confirmed that overall it was a "wait for DVD" movie.