From what I understood, the company was very well run until the owner sold to investors. The new CEO was brought in by investors.
Within 18 months there were two waves of layoffs. The first could theoretically be chalked up to new management, but the second consisted of quite a few people hired by the new management. All outside sales laid off in first wave and all replacements laid off in the second.
New CEO has created an environment of fear due to completely erratic and capricious behavior.