Currently having the same issue - point is that the site is way to valuable to just "shut it down" and create a new one. It's for an offline business and has plenty of other traffic sources. I still would like to try to get it back ranking.
Got the classic 'Unnatural links to your site—impacts links
' message in the webmaster tools. Now the thing is, analysing 14K of Links - how would someone do that in the most efficient way?
Anyone has maybe experience with LinkDetox?
EDIT: Found some reviews here abt LinkDetox but first trying the free trial of LinkSearchTools. Happy to hear any further suggestions on how to approach this.