From the carnage apparent from a casual browse of LinkedIn or an urgent check-in with *another* former colleague who has been turfed out - possibly illegally - with little or no notice, it's clear that the new leadership are trying to remove the DNA from their new toy without an appreciation of the impact it will have on revenue, culture and the core of the business - its people. It's clear that the HR team are under pressure from having to get rid of scores of people and this leads to mistakes and people being hurt.
See also: the one recent comment on Glassdoor posted by - or at least dictated by - the current CEO. These sorts of posts are often seen in companies where new leadership doesn't understand the business. Customer churn is off the scale and with the mass of key staff being shown the door, how are existing customers going to be supported?