Used metaphorically for situations that deteriorate, not just physical objects going inside a tube. His academic performance went down the tubes after he started playing video games.
Pro Tip 2/3
Colloquial Usage
It's a casual phrase, more suitable for conversations than formal writing. I heard their project went down the tube - what a bummer!
Pro Tip 3/3
Negative Connotation
The phrase implies a negative outcome and is often associated with disappointment. After the lead actor quit, the film production went down the tubes.