Of course, and it was the execution choices by management that allocated that $300 million in such a way that they didn't arrive at a sustainable business. As such the business goes down the drain and the employees with it.
If most of the employees are technical, and the company is run like a typical tech company (ie, with too much middle management, but not headcount literally dominated by them), then line employee headcount costs likely dwarf those of management.
That is one reason why executive compensation can get so outrageous; if you have a lot of employees, most singular expenses become rounding errors.