Advice from someone who has been through all of this:
If you haven't seen your peers disappear before you should expect various emotions, but the more important to remember is that your days are also numbered. You might last 12 month, perhaps 12 years, but the day will come and you will go through all of this nonsense (unless you found something better before). Plan accordingly. Denial or kicking the problem down the road does not help you. There is no medal or reward for loyalty or dedication. You are an expendable resource, much like a computer system. While they might like you, you too will be replaced when it makes economic sense to them and their bigger picture. It doesn't need to make sense to you and it can defy your logic. Use your time to improve and enrich yourself, just as the company does for itself. No-one else will do it for you.
Good luck.