I'm not one to ever post on this site however my team had a candid conversation that layoffs are happening with the possibility for the process to begin on Sept 9th.
They were told that it is still being determine whether or not they will allow volunteers again and what the severance could look like.
It is supposed to be a rather large number from all department areas but this will not be a complete closure as ITT experienced this week.
Those who want to say it is a rumor, continue to think that. I'm not freaked out because this is something that shpuld now be expected and it's its best to be prepared.
Good luck to everyone.