Private companies all have certain obligations to their their shareholders. We get this.
If the fastest way to meet some of those obligations is through workforce reductions, then why maintain (or even expand) the bloated corps of managers? It goes from assistant manager, manager, senior manager, director, superintendent, AVP, VP, and onward seemingly forever.
Multiple overlapping layers of management that are pointlessly redundant can/should be reduced, consolidated, and streamlined in a manner similar to other large (and better run) corporations.