WOW! This is an incredible admission (realization?).

Time to clean out the Executive Office suite. This is a company in a highly cyclical industry that just kept flying along thinking the world had changed. They had no plan "B" and beleive that by citing the global recession that they are somehow exculpated from responsibility.

Time to turn this into a real business and serious cut costs including the flowers, limos and fancy offices and show case management. Get and keep some people who know the basics. You don't need any flashy types to run this business.