City Market layoffs

I moved away last year, but just heard from a few friends that city market is about to do some big layoffs. When I used to work there I heard rumors that the downtown issues would force it, that the negotiations were extraordinarily mismanaged, and the president makes over 200k. Is this true? If so is it because of one of thes, all, or something else?

Tbh, I really liked working there. My boss was awesome, had been around a while and really knew what he was doing. His boss however, the store manager, was a bit of a power trippy jerk.