I was laid off last April along with many others and it was difficult - you almost feel violated. Of the ones I maintain contact with, we have all found new jobs and are happy with them. Most found jobs within the first two months.
I worked at Follett for many years and I liked it. But you should face it that this is not the same Follett. New leadership is cleaning house, bringing in many new outsiders for key roles and eliminating those that have made the company "debt free" - a fact that Mary Lee seems to take credit for. We are debt free and have earned bonuses based on the hard work of each employee, not the new leadership. The longer you stay the more you will suffer. Raises will be very low, freezes in hiring result in more work, bonuses will be non existent (at least at FHEG, remember that corp bonus plan is different than the divisions) and morale will continue to decline. It will not be a happy place to work.
Family companies are great to work for when the family is engaged, and not so good when there is no family involved and the remaining family is interested in maximizing profits for the short term. Litzinger, Follett, Traut were all excellent leaders and the company prospered under them.