The layoffs are still happening. They are just smaller in number so they fly under the radar. They actually have a blanket RIF for the year and they are bucketing everyone into it. There are at least 12 people laid off after every quarter end and they are even starting to lay off the offshore resources in Pune and Costa Rica. That might not sound like a lot but when you look at what used to be teams of 100 and they are now around 30 that tells you everything. They have cut so far they are now cutting bone. Essential people needed to get the jobs done are being let go to the point the remaining can't keep up. People know the CCC+ bond rating is a company killer and are now trying to get out before the hammer hits them.
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What do you mean they're "bucketing everyone into it"? I'm sure they realize if "everyone" goes there will be no more company. Then again unless their goal is 100% or even 98% outsourced contractors, then they could achieve laying off all regular employees. While this would be stupid, it's par for the course for this company.