Great advice. I'm not sure I could add anything more except maybe that the people you are laying off are going to take this personally. If the layoffs were not due to them, assure them that is was not about their individual performance. Also, if its possible, be willing to be a recommendation for them. That will confirm for them that it was not necessarily them and it will assure future employers that you didn't use PE just as a way to let go underperforming staff