A job I was at did that right before close of the final quarter of the year to goose the books to make it look like they were more profitable than they were. Did a combo of layoffs and furloughs.
Had those of us who were still working there doing the jobs of 3 or 4 people and after a couple months they just dropped the axe on the handful of furloughed employees.
And then they’ll use the excuse about having money issues as to why they give out pay raises even with the increased responsibilities.