Jettyrat- Yes- Cut mgmt salaries,bonuses. Yes pair down any overlaps in employee size and consolidate responsibilites. All needed. This mgmt is unwilling to take the 1st step regarding their own packages but would thin out the ranks elsewhere to preserve it.
The real solution is to sell it to someone who can manage it properly as they have demonstrated they can't.
I've never seen a company get away with so much where mgmt is not shaken up or changed. This one gets a pass for all their failed results.