So what is new? Older long term workers cost more than newbies and since the company is run by has-been counters the older workers have to go - simples.
Fixed that for you.
Isn't it time for a shift in business ethics? So that the responsibilities of the company formally extend to their employees, and not just to the shareholders? It's interesting to watch the behaviour of some of these companies, from the standpoint of someone for whom a job leaving school could have a reasonable expectation of a job for life within the same company (though with no guarantee or expectation of it being the *same* job).