This entire process is to wipe the slate clean and get rid of employees with higher pay, benefits, and more vacation. All large companies do this periodically to get rid of the people making the most money. It's just becoming so much more obvious these days, it's getting hard to hide.
All these large companies are super greedy. They want good employees, but want to pay them peanuts. Even after tenured employees endure all the cuts, all the abuse, and still stay on, the company will find a way to get rid of them. It's the American way. Dispose of the longer term employees, keep turning them over with fresh, new, low paid workers. Over, and over, and over again. Cut, cut, cut.
I'm actually sick and tired of hearing no one wants to work. How about no one wants to work this hard for your sh-t wages. How about that?
Kroger did it some years back and got rid of a ton of tenured store directors making a lot of money. They replaced them with people making 1/2 the salary of the people they let go. The newer people also did not have as much accrued vacation time, or benefits.
It's a pattern with corporate America.
This is why it's a good idea to be union so these companies can't get away with their BS.