Depends on the terms I know a lot in the UK who did this got a massive taxfree redundancy payment - then went to work for a competitor or went freelance my old boss went back to fixing COBOL
What I have realized is that in such companies your importance to a company is only as much as the next project. When project agendas changes, next time might be your turn. So take it as a warning to find a better place soon as possible.
"You're too valuable to let go! Best yet is you don't have all those pesky coworkers!"
Whatever leftover slop the company feeds you from the remains of your coworkers won't have that satisfying flavor.