Those are all possibilities, however, as it was mentioned here by a couple different folks, if the new owner company already has say, warehouse staff, and admin assistants, and an IT department, etc.; it makes everyone who did those jobs at the purchased company redundant. They would have been laid off in any case. It's just compounded by the fact that the new company is moving operations to a different state altogether, and (speaking absolutely as politely and objectively as I can) if you weren't a designer (Demko) or innovator (LT), then it wouldn't have been worth the financial outlay to move those people to Texas. Why pay thousands moving, say, a warehouse worker to Texas, when you could just hire a local at $19 an hour or whatever it is? No one at Sold Steel was irreplaceable other than AD and LT, which is why they were all let go. So, it absolutely sucks that this happened three weeks before Christmas. However, it was going to happen anyway, and moving into the new year might have brought new tax or cost ramifications the company didn't want to deal with.
You DO bring up a good point about GSM's sale to Gridiron, who knows how that gummed up what might have been a very delicate, well planned transition?