Can you proof that they would have gone under without "letting go" of 20k people? The usual reason is "we need to look better to the stock market" and that's simply not a valid reason. The reality is that there's a big margin between "we are growing 20% per year!" and "we all go bust!" that most companies exist in. Sure, you won't be Wall Streets darling, if all you do is make a small profit every year, but if that's your main goal that's your problem, not something your employees should have to pay for.