In EU it would be illegal to fire someone randomly for performance reasons. Note the word randomly, if you want to fire for performance reasons, you need to give formal warnings and provide chances to improve.
On the other hand, mass firings could be much easier. There might be some rules you have to follow about who to let go first. And you might need to stop hiring for a certain amount of months. But at least you could empathise the economic situation and provide empathy when firing.
On the other hand, mass firings could be much easier. There might be some rules you have to follow about who to let go first. And you might need to stop hiring for a certain amount of months. But at least you could empathise the economic situation and provide empathy when firing.