Advice -
Get your resume out ASAP - it's always wise to leave a sinking ship. I left a failing high-tech company [ I resigned ] long ago when the "writing was on the wall" - it was the best career move of my life. I never looked back, but I did pity those poor souls who stuck around for a year or two or three, before they got the ax.
It's too painful to watch an organization flounder like a harpooned whale. Move on, move out, get on with a productive life and a thriving company. You'll be much happier !
Best wishes to you in these difficult times.