It's the economy, stupid
The world is a great big hiring and firing machine. This stuff happens every year and every day. Unfortunate that it's turbulent in people's lives, but companies can't keep making widgets if nobody's buying. Gotta switch to sprockets. Economics 101. This is just the first wave. I'm sure more headlines will follow.
My late father was an executive with Bethlehem Steel before he retired. That company has long since gone out of business and the old mill was converted into a casino and shopping mall. By contrast, I'd say IBM has steered its business pretty well over its 100-plus-year history.