Lost,
Well, at least youve got a heads up. Are you in a position to negotiate the terms of your leaving in a way that would be most beneficial to you? Early retirement? resignation? It's possible you may get a severance package or if not, unemployment. Are you union? If so, speak to your rep ASAP.
Do you want to stay with the job? Any chance of negotiatiing last chance agreement?
Please keep us posted.
Love from Lenina